Amid COVID-19 disruption, companies rush up to buy cyber insurance: Here’s why  |  Photo Credit: BCCL
New Delhi: The dependency of businesses on internet-based systems has immensely increased in the last decade. Automation, process improvement, real-time analysis, and artificial intelligence have become the boardroom agenda in decision making and planning business strategies.
But, with the ever-increasing dependency on digital services amongst firms and individuals, the risk of potential cyber threats has grown at an exceptional rate.
However, what has driven demand for cyber insurance covers is the work from home culture that has been adopted across companies.
A Reuters report, citing a home ministry official, said there was an 86 per cent rise in cybercrime in four weeks across March and April.
Mr. Sanjay Datta, Chief, Underwritings, Claims, and Reinsurance, ICICI Lombard said: “Post COVID-19, organizations are adapting work from home model which increases the risk of the organisation getting hit with cyber-attack as employees are working on unsecured home networks. In the…
