Scenario in India: Cyber risk insurance seems to take an uptick
Recent data indicate that India is ranked third globally in terms of vulnerability to cyber attacks, accounting for 6.5 per cent of the targeted attacks in 2012.
Banking and information technology are the high risk sectors in this respect because they handle and process large amounts of personal and proprietary data for their customers on online platforms. There are also concerns about the likely impact on the outsourcing industry which depends upon work from overseas companies.
Two Indian technology firms, working as outsourced payment processors, were in the spotlight recently for their alleged role in a $45-million credit card fraud impacting Indian and international banks. In another incident, cyber criminals reportedly hacked into an RPG group company’s bank account and siphoned off INR 24 MLN through the real time gross settlement system (RTGS).
The product is aimed at a wide range of companies as most businesses have an exposure to cyber