Data from the DSCI report showed that 350 cyber insurance policies were bought by Indian corporates in 2018 as against 250 in 2017 marking a 40 per cent increase in the sale of these products. In this period, the average cost of data breach in India rose by 7.9 per cent to Rs.12 crore.
India between 2016 and 2018 was also the second most affected country from cyber-threats, according to the report.
“As threat surface continues to expand due to rising digitisation in the country, ‘Cyber Risk’ becomes pivotal in the overall risk management strategy… And it is not only the large businesses; one of the recent bank attacks of 2018 highlighted the vulnerabilities of co-operative banks in India, bringing into picture that even small and medium businesses could be victims of attacks,” the report said.
Rising digitalisation of businesses due to adoption of new technologies by companies, increasing awareness on cyber security, new modus operandi…
