Insurance Can Mitigate Cyber Risks, But Complications Aplenty

Cyber Risk Insurance

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Banking and financial services organizations are increasingly worried about online threats hitting their IT systems. It is indeed a challenge to be smart and agile so as to neutralize the cyber threats from hackers who are deploying highly sophisticated tools and technologies.

UNDERSTANDING CYBER RISK

The World Economic Forum’s Global Risk Report 2018 ranks cyber attacks as the perceived global risk of highest concern to business leaders globally. While hackers and fraudsters have newer and more effective tools to gain access to data like email spoofing, tab napping, voice plus phone and social engineering, human errors and negligence on the part of employees are key causes of data breaches. In the existing environment, it is not easy to assess the risk. Some of the developments in this context are noteworthy - like the General Data Protection Regulation (GDPR) taking effect in the European Union (EU) and the European Economic Area (EEA), covering the export of personal data outside the EU and EEA areas and the recognition by the Supreme Court of India of the right to privacy as a fundamental right.

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