We are highly depended on the internet. From communicating with our loved ones overseas to buying stocks, all can be done using a smartphone connected to the internet.
Though technology has brought ease to our everyday lives, it has also exposed us to numerous threats that we are unaware of and do not fully understand. Cybersecurity is one such tool that recognizes the flaws in the system to protect users of the internet from attacks and have a seamless experience.
What is Cybersecurity?
Cybersecurity in simple words is technology or practices that protect your computer, programs, networks and all the data in them from attack. This attack can be in the form of theft of data or deviation from the intended path of action to lead you to fraud.
Why is cybersecurity important?
Today, data is the most valuable asset. Information can be used to make or break any business or individual or government.
Every minute, businesses, government, banks, financial institutions, hospitals, etc are collecting, processing and storing data. Data can be your personal information or your assets in digital form, or your money.
The attackers on the internet are using sophisticated ways to break into your system.
What are the challenges?
The biggest challenge is the ever-evolving nature of risk. A cybersecurity program should not only protect you from known threats but attacks that are unforeseen. One cannot rely on periodic checks of the system; the security today has to be real-time and continuous.
Cybersecurity in India
Increased efforts in digitalizing everything from your financial transactions to Aadhar-based verifications, India has been highly exposed to cyber attacks. The Indian government is continuously working to secure the data of its citizens.
After attacks like 'WannaCry', Indian companies are heavily investing in cybersecurity in 2018, as per cxotoday.com.
As per government records on January 5, cybercrime cases in India rose to 12,317 in 2016 from 9,622 in 2014. Above 42,000 cases involved frauds from credit cards, debit cards, and internet banking have been taken place in the last three years as per RBI reports.
Insurance policies covering cyber crime
A cyber crime policy covers risks of identity theft (social media stalking), information technology theft, privacy data breach, email spoof, cyber extortion, etc.
Companies like HDFC Ergo General Insurance Co. Ltd cover commercial entities like financial institutions.
Bajaj Allianz General Insurance on the other hand came up with individual coverage recently.
This market is expected to grow in the coming years.