There has been a huge increase in the number of cashless transactions post demonetisation. Considering the recent cyber attacks and growing cashless transactions, the need for cyber insurance and cyber liability insurance is on a rise. Although, the industry base for cyber insurance is low at ₹60 crore, there are several cyber insurance covers available in the country of which the cyber liability insurance is most popular.
Recently in one of India’s biggest ever security breaches, confidential data of 3.2 million debit card holders was compromised. Several nationalised banks were severely hit by the security breach. Consequently, banks either had to replace or ask users to change their ATM pins and security codes. Although the banks did not suffer any major financial losses, yet they had to block ATM cards of several customers.
CEOs of several banks have already expressed their interests to opt for cyber insurance in order to protect their customers’ confidential information. Insurers too are optimistic that the demand for cyber insurance will rise, especially after demonetisation and increase in cashless transactions. With incidences of cyber crime on a rise, demand for cyber insurance will evidently grow in the future.
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