Globally, as well as in the domestic market, more and more people have adopted digital technology in recent years. People and businesses are increasingly using online platforms for work and other activities.
Any evolution inevitably brings with it a set of challenges, and in this digital age, we are confronted with various cyber threats such as data breaches and online fraud. All these issues bring us to the importance of cyber insurance and why one should have it to avoid the increasing number of cyber threats.
As any digital frauds or attacks get more sophisticated, everyone, including the small individual and large corporate, face the risk of financial loss or reputational damage. Imagine someone hacking your social media account and creating mayhem in your life.
Like any other insurance, cyber insurance provides coverage for the various cyber threats and gives much-needed protection in the fast-paced digital world.
It’s not like frauds and cyberattacks have started recently in India; this was prevalent in the past and will even continue to thrive going forward—thanks to the more advanced technology used by the fraudsters. In the last year alone, fraudsters in Kolkata robbed residents of a staggering Rs 100 crore. The frauds took place through a fake ticket booking scheme, intimidation tactics, and phishing scams.
