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Growing Demand for Cyber Insurance in India

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3 minutes, 36 seconds read

The COVID-19 pandemic has disrupted organisational functioning and intensified technological and financial risks. There has been an increase in internet usage as people are working from home, thus increasing the chances of cyber-crime. According to ICICI Lombard General Insurance, in the third week of June, hackers in China made 40,300 cyber attacks on India that were facilitated by COVID-19 scams. Considering the delicate situation rising from the work from home policies permitted by organizations, this is indeed the time for people to remain alert. Earlier cyber-security insurance was primarily accepted by corporate which are now being increasingly demanded by retail customers and individuals working from home.

Increase in Cyber Risks

Employees working from home have started their inquiry for cyber insurance. As companies are permitting work from home, individual policy for cyber insurance is likely to get established soon. Few common cyber risks include malware attack, phishing, spoofing, and identity theft, among others. Employees remotely logging in are making it easier for cyber criminals to conceal themselves while attempting to access systems with personal and sensitive data. Owing to the pandemic, the hackers are exploiting the current situation by luring people into clicking links containing malicious payloads. Some possible threats can be:

  1. Use of COVID-19 as a subject to carry out phishing,
  2. Malware distribution can be done through coronavirus themed lures,
  3. Registration of domain names having words related to coronavirus or COVID-19.

Growing Demand for Cyber Insurance

Increasing digitalization by businesses, rise in awareness of cyber security, uneasiness regarding the implications of GDPR and India’s Personal Data Protection Bill have led various companies to consider buying insurance. Demand for cyber retail cover is likely to come from millennial as they are the most internet savvy. In 2018, DSCI observed a 40% increase in cyber-security insurance purchase in India. The cyber insurance market is expected to grow globally at a CAGR of 27% from INR 29,400 in 2017 to INR 1.59 lakh crore in 2024.

The Chief Technical Officer of Bajaj Allianz General Insurance Sasikumar Adidamu said that as work from home has led employees to use their own home system, they might not necessarily have the kind of firewall that is present in the office system. They are expecting a demand for insurance as surge in internet usage has increased the likeliness of cyber fraud incidents. Bajaj Allianz General Insurance has not only witnessed a surge in inquiries, but has also been approached by companies to increase the limit of cyber cover as they are now experiencing the possibility of future cyber risks. ICICI Lombard that earlier used to get enquiries from BFSI and IT companies, is now getting contacted by various sectors like education, SMEs and hospitality. IT, telecom, e-wallet service providers, telecom, banks, financial institutions have majorly demanded for cyber security as they handle a large amount of data. But lately traditional manufacturing and infrastructure companies have begun to demand as well. 

Insurance companies offering cyber insurance 

  1. Bajaj Allianz: Bajaj Allianz started retail cyber security in the end of 2017. They have seen a CAGR of approximately 50 percent in premium in its cyber insurance portfolio. They provide cover against identity theft, phishing, Email spoofing, cyber extortion, media liability, and malware attacks, among others. 
  2. ICICI Lombard: they provide protection against cyber and digital risks that result in financial loss. The Retail Cyber Liability Insurance policy by ICICI will provide cover against cyber bullying, malware intrusion, and cyber extortion, among others. It also covers ‘individual lost wages’ and ‘reputation injury’. 
  3. HDFC Ergo: they cover all the devices under a single insurance plan. Regardless of the age of the children, their policy covers the whole family from cyber crimes. It provides protection against phishing, email spoofing, and damage to e-reputation.   

Conclusion

Cyber insurance has a huge potential in mitigating cyber loss. As several insurance companies are providing policies that cover an entire family and protection against damage to e-reputation, it plays a significant role in protecting against cyber crime. As the ‘better normal’ is witnessing employees comfortably working from home, growth in demand for insurance is certain as a huge amount of sensitive data is being handled remotely.

Further reading:

  1. Contactless Solutions in Insurance
  2. The CIO guide to keeping operations up during pandemics
  3. COVID-19 Lockdown Effects: A Paradigm Shift in Indian Edtech
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Apple WWDC 2021, Facebook f8, Microsoft Build: What’s in it for Developers and Consumers this year

14 minutes read

Apple WWDC 2021 is the second all-virtual conference hosted by the company this year, one that will see both hardware announcements and software updates. WWDC 2021, which begins June 7 with the traditional Apple keynote will run the whole week long and will contain pavilions, daily recaps available to revisit, and more in this free-for-all developers virtual meet. 

WWDC 2021 is bringing big changes to iOS 15 and iPad OS 15, along with a new more powerful M2 chip and a redesigned MacBook Pro that gets rid of its maligned features like the Touch Bar, to re-introduce the HDMI port and MagSafe. 

Apple CEO Tim Cook began the keynote address welcoming “familiar” faces back again in the audience, virtual avatars aka Memoji instead of real people, given the ongoing pandemic. 

ALSO READ: Google I/O 2021: What’s in it for Developers and Consumers this Year

Here’s everything we noticed at the Apple WWDC 2021 keynote: 

iOS 15 

The new iOS update will come with a series of improvements including a better Facetime experience. FaceTime will now include features like Spatial Audio making calls more comfortable and natural, like you and the person on the other end are in the same room. The mic gets a Voice Isolation update, which, through the use of Machine Learning will block ambient noise and prioritize your voice. Another noticeable update is Wide Spectrum, to capture your voice and everything around you.  

The software update also introduces Portrait mode to blur backgrounds, and a grid view to enable multi-conversations with a highlighted tile to know who the speaker is. Users can also schedule individual FaceTime calls with Facetime links, similar to Zoom. Additionally, users can share their screen, music, TV show, or movie through a new feature called ShareTime, to enable a Watch Party of their own. FaceTime will, with this update, be supported on Android and Windows through a web browser.

iMessage, the messaging platform, available only on Apple devices, will now come with features that group similar images into galleries. A brand-new feature called “shared with you” will save links that people sent you and collects them in one place. It works across Safari, Apple Music, Apple TV, and Apple Podcasts.

ALSO READ: Here’s what a tech-enabled world will look like for future pandemic phases

Notifications will now have an updated design on the lock screen, featuring a clearer look. Titled the Focus feature, users can choose to go on Do Not Disturb mode or choose Work, Life hours to be able to receive notifications depending on their preferences, much like the OnePlus Zen Mode and Work-Life Balance feature that came with the OnePlus 7 series in 2019. 

Live Text, a new camera feature, will automatically identify and scan text or visuals in photographs. Another feature called Memories will use Machine Learning and AI to combine photos into galleries and add music from Apple Music. 

Apple Maps software is also updated with 3D data with this release. It now includes lanes, clearer city details, AR-led detailed directions, and more. The Weather app gets an interactive update where data and layout will change according to weather conditions. 

A new feature is also coming to AirPods called “conversation boost” which will help people better understand who they are talking to in real-time. Siri will be able to announce messages and read out your shopping list as well. Apple Wallet adds a new functionality which now includes corporate badges.

Quicknote is a fast and easy way to get to a note saved for later, while also allowing a user to jot notes using the Apple Pencil. Consumers can now add tags to organize their notes better and even mention others in shared notes.  

With iPadOS 15, Apple is adding features for multi-tasking, bringing widgets and app library to the iPad as well. Apple has also announced an iCloud+ subscription service with a focus on privacy. 

Privacy and Security: 

New privacy features, and a subscription-based iCloud+ was also announced at the keynote. Apple is now adding new privacy features across its devices. The Mail App, for instance, will have a feature called tracker-blockers to hide your IP address, location and other information that help building a digital personality for third-party apps. An App Tracker Report section in the Settings will allow users to see how often apps have used their info in the last seven days.

iCloud+ will also include a key feature called Private Relay, which essentially helps route web traffic through two separate servers, just like VPN.

Siri, on the other hand, has some new features including availability on third-party apps, and users can also request tasks from the Voice Assistant without an active internet connection. 

Speaking of legacy contacts, Apple has introduced a Digital Legacy Program that will help your trusted contacts to manage your account, close them et al, even when you’re no longer around. 

Digital Health: 

The latest Apple Watch software allows more interaction possibilities while also connecting health trackers that monitors everything from your gait to the sleep patterns via the Breathe app called Mindfulness and let’s you know as soon as it finds something out of the ordinary which can be addressed promptly. This is possible through Apple’s collaboration with a few electronic health record companies. If you’re away from your loved ones, the new software allows you to share health data too. 

New watch faces on Watch OS8 are available in Portrait mode and one also has the ability to write a text with their finger to send a text message. 

ALSO READ: What will ‘Behavioural Changes’ Mean for India’s Digital Health Future

Additionally, in the Workouts app, new workout types including TaiChi and Pilates have been added guided by popular names such as Jeanette Jenkins as well as a new Artist Spotlight series that offers workouts on the music of Lady Gaga, Keith Urban, and more.

macOS Monterey: 

At the WWDC 2021 keynote address last night, Apple announced a new version of macOS. Titled Monterey, after the pristine beach town in California’s central coast, the new macOS brings a number of features including multiple screen-usage while using the same mouse and keyboard across a Mac or an iPad. This feature is called Universal Control. 

iOS devices can (for the first time) beam their screen to a Mac, thanks to AirPlay. The Safari web browser has also got a redesign with new and improved features including tab grouping and tab bookmarking. 

What piqued your interest the most at this year’s Apple WWDC? Facebook f8, held earlier this month also had a few interesting announcements. Take a look. 

WIIFM at Facebook f8? 

Facebook f8, held on June 2 this year kicked off with a promise that Facebook was returning to its roots and focusing on the developer community for this year’s virtual event. 

“This year we are refocusing F8 on developers,” Mark Zuckerberg said. “Some of the most important services in the world started when someone looked at an existing issue, and just found a better way to build. And I’m optimistic that some of the next generation of services are going to start right here with you.”  

On the business messaging front, Facebook announced that its Messenger API for Instagram is available to all developers. The social media giant is also testing a way for people to opt into messaging with businesses through a new feature called Login Connect with Messenger. 

Through WhatsApp Business API, it’s now easier for businesses to get started with using the tool effectively for their businesses. Among its key updates, Facebook said it has reduced the entire API onboarding process from weeks to five minutes. The company also announced new WhatsApp messaging features with an aim to give people a quicker way to make a selection when interacting with a business’s chatbot on WhatsApp. 

Augmented Reality, AI and Machine Learning: 

Facebook’s development of its futuristic augmented reality glasses is still ongoing, but the company has exhibited broad ambitions in terms of its AR experiences built on its SparkAR software. In the near future, Facebook has said that it wants to make it easier for developers to build augmented reality effects for group calls via its new Multipeer API.  

The SparkAR platform now has 600,000 creators in 190 countries, with 2 million AR filters and effects created to date, according to Facebook. 

PyTorch, the deep learning framework co-developed by Facebook in 2016, is now becoming the default framework for building all its AI and machine learning models in the foreseeable future. 

“PyTorch not only makes our research and engineering work more effective, collaborative, and efficient, it also allows us to share our work as open-source PyTorch libraries and learn from the advances made by the thousands of PyTorch developers all over the world,” Facebook said in a blog post. 

Missed Microsoft Build? Here are key highlights tailor-made for you: 

Microsoft Build, also a developer conference, was also held virtually this year from May 25 to 27. 

Following his keynote address, Microsoft CEO Satya Nadella wrote on a LinkedIn post, “As computing becomes embedded in every aspect of our lives, there will be no longer such thing as the tech sector. The world will be transformed through tech intensity at scale. Every organization will need to not only adopt the latest technology, but more importantly, build their own unique digital technology, or be left behind.”

“We are building the platform for platform creators. It’s not about setting new rules or constraints that dictate how or what you should build. It’s not even about celebrating our own innovation. It’s about enabling your innovation and creating new opportunities for you,” he continued. 

From Microsoft Teams that allows users to complete projects from any location and at any time without needing to switch across different apps and data, to Windows Updates providing GUI support on Windows Subsystem for Linux (WSL), it will also allow seamless integrations with other workflows with Linux, GUI apps, and GPU-accelerated ML training.

In terms of privacy and security, Microsoft announced the integration of its Azure Security Center with GitHub. This integration will further enhance collaboration between the development and security teams. Interestingly, this collaborative effort will feature an update to enable security teams to be aware of the holistic development life-cycle instead of trying and fixing bugs only once the software is released. This measure will further allow the DevSecOps teams to run vulnerability scans, resolve findings, and visualize the security of workflows within their CI/CD pipeline.

The company also announced key updates to its Azure AI services, including Azure Bot Services, Azure Video Analyzer, and more. That’s not all, Microsoft also announced ML capabilities updates to accelerate its AI model deployment, namely Azure Machine Learning Managed Endpoints and Power Fx.

Automatic Aggregations was yet another feature that debuted at MS Build this year. Power BI dataflows that suitably handle streaming data sources, starting with Azure Event Hubs and Azure IoT Hubs, promises to make streaming data and real-time analytics accessible. 

Microsoft also introduced a low-code programming tool that allows users to write code without any prior coding knowledge. Called Power App Ideas, is the first-of-its-kind collaborative effort between Microsoft and artificial intelligence (AI) research company OpenAI. The app uses OpenAI’s Generative Pre-Trained Transformer-3 (GPT-3) AI model, among one of the highly advanced natural language AI models in the world today. 

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