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:
- Use of COVID-19 as a subject to carry out phishing,
- Malware distribution can be done through coronavirus themed lures,
- 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 cy