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Cyber insurance is a necessity as reliance on online medium increases

Cyber insurance can protect you against online frauds

cyber crime
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Recently, the State Bank of India issued an advisory that cautioned customers against cybercriminals

Bindisha Sarang
With the lockdown rendering face-to-face business transactions impossible, reliance on the online medium has increased multi-fold. The risk of falling prey to cybercrimes has also risen proportionately. But cyber insurance can protect you against online frauds, and in fact, against any loss or damage that may arise due to the unauthorised disclosure or theft of personal and financial data online. 

As Prashant Mali, president and founder, Cyber Law Consulting, says: “Cyber insurance is the best risk management instrument one can buy in these times. The world is transacting its business virtually, and the only crimes that are happening are cybercrimes.” 

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First Published: Apr 29 2020 | 2:28 AM IST

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