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Thursday 30 July 2015

Indian companies mostly uninsured against cyber attacks

Indian companies are increasingly suffering huge losses due to rising cyber attacks that leads to interruption of business and loss of customer data.

However, with only 100-150 policies covering cyber crime liability insurance being sold in the country, majority companies are inadequately protected against the growing menace, according to insurance companies.

Financial sector that carries out financial transactions and handles cash is among the high-risk targets, but most banks in India, barring a few large private lenders, do not have cyber crime liability insurance.

Industry officials said this could potentially lead to heavy business losses if the computer systems are hacked and customer data is stolen.

The cyber liability insurance coverage is the lowest in the hotel and hospital sectors, which has critical data on customers, which if hacked and stolen, can have devastating impact on clients and patients, and threaten the business itself.

According to home ministry statistics, there have been 62,189 incidents of cyber frauds till June 2014. About 28,481 websites were hacked in India in 2013 and cyber crimes have cost India Rs 24,630 crore in 2013, according to a Delhi High Court-commissioned report. India is ranked as one of the top three targets in cyber crime. According to available statistics, about 71,780 cyber frauds were reported in 2013, while 22,060 such cases were reported in 2012.

Source: Dnaindia.com

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