Cyber Liability Insurance Policy
Today a large part of business is conducted online. No business in today’s times can work completely without the online networks.
However, conducting business online has its own share of risks. The incidents of cyber-attacks resulting in data breaches is increasing by the day. Such data breaches can cause immense reputational and financial damage for businesses.
Additionally, apart from data breaches, there have been incidents of Cyberattacks like NotPetya and WannaCry which injected malicious malware in thousands of computers across the world and paralysing businesses. In fact, many executives have commented that Cyber Risk is one of the biggest risk that their business is facing. According to this report India has reported a 37% increase in Cyberattacks in Q12020 .
Even the average cost of Data Breach has increased to Rs11.9 crore in 2018, up by 7.8% in 2017.
With increasing use of Internet enabled devices, the incidents and costs of Cyber Attacks are only bound to increase in the future.
As a result, a Cyber Security Insurance Policy is extremely important for businesses to protect themselves from risks of Cyberattacks.