Workshop on Cyber – Security, Crime, and Insurance

Since security relies on zero trust, it is important to build peripheral security to prevent cyber-crime, says Mr. Anuj Agarwal, Chairman of the Centre for Research on Cyber Crime and Cyber Law, at PHDCCI’s workshop.

Crime is now a booming business, and cybercrime tops the list as it involves a lot of money, stated Mr. Anuj Agarwal, Chairman of the Centre for Research on Cyber Crime and Cyber Law, at the workshop on Cyber – Security, Crime and Insurance 2022, which was organized by Banking, Financial Services & Insurance Committee of Ph.D. Chamber of Commerce and Industry (PHDCCI) today at Ph.D. House, New Delhi. He also informed that many cyber stations are coming up across the nation due to the alarming rise of cybercrimes.

In his address at the workshop, Shri Agarwal emphasized safeguarding oneself against cybercrime by being alert and prepared at all levels. He also suggested that corporates should employ cyber expert services and follow the IRDA and RBI framework standards and the routine cyber complaint procedures. The Centre for Research on Cyber Crime and Cyber Law Chairman added that since security relies on zero trust, it is vital to build peripheral security and train the staff. He recommended using licensed cyber security software instead of unlicensed versions. 

Mr. Arun Kumar Verma, Inspector, working as SHO, Cyber Police Station, South Delhi Police, informed that the Delhi Police had built separate police stations focusing only on cybercrime cases in each district. They have also set up a helpline – 1930 that can be used to report a cybercrime. The service was first started in Delhi but is now available across India. He also said that the majority of financial fraud takes place for transactions below Rs 10 lakh, with the highest being in the range between the amounts of Rs 15,000 to Rs 20,000. 

Mr. Najm W. Bilgrami, National Head -Financial Lines, Tata AIG General Insurance Company Ltd, Mumbai, stated that manufacturing companies are more likely to be the target of hacking attempts than IT corporations or financial institutions as they tend to utilize technologies without the basic firewalls, encryption, and password security protection in the technologies, making them easy targets for hackers. He also explained the insurance policies for people and corporations impacted by cybercrimes. He informed that business interruption cover, extortion money, and net profit loss are the significant covers available under the cyber policy in India. Some policies also cover the loss of a company’s or individual’s reputation.

Mr. Sameer Nandwani, Specialist Insurance Lawyer, revealed that recovering from financial loss is very difficult. He added that cyber claims are not rejected because they are huge, and even if the insurance company refuses them, it falls in the category of bad reputation, which is eventually paid off. Still, you could recover the money if you are fair and honest while taking the insurance cover.

Mr. SK Jain, Former VP & Director, Insurance Brokers Association of India, elaborated on the role of an insurance broker, which he said is essential as they have a greater understanding of the terms and technicalities in insurance policies. The broker will clearly and fully disclose these terms and the risk explosion to the customers. He also informed that data loss is not regarded as cyber fraud unless it involves financial loss.

Mr. Ashish Biji, Director of Risk Advisory – Cyber and Strategic risk, Deloitte Touche Tohmatsu India LLP, maintained that the primary and most important responsibility to prevent cyber fraud resides with an individual first, then with the government. So be it an individual, MSME, or large company, the safe disposal of your data is necessary. He emphasized that safety is in our hands and that people should utilize secured CCTV cameras rather than unsecured ones that can be easily compromised.

Mr. S K Sethi, Co-Chair, Banking, Financial Services & Insurance Committee, PHDCCI, in his presentation titled ‘Some Facts About Cybercrime, Security & Insurance,’ forewarned that in the modern world, data is a precious asset and that one should not take cybercrime lightly because it can happen to anyone. In fact, in terms of industry size, cybercrime has surpassed drug trafficking. While Google and Yahoo have access to only 3 percent of the data, the dark web has access to 93 percent of it. Additionally, he emphasized the need to seek out cyber-auditors and consultants. He also suggested that SEBI should make it mandatory for the listed companies in its listing guidance to take cyber insurance.

Mr. Saurabh Sanyal, Secretary General, PHDCCI, reiterated that cyber security is essential as there is a high internet penetration in today’s world. There is a need to educate the staff as cyber attacks usually take place through harmless-looking emails and WhatsApp messages. Mr. Sanyal also suggested changing passwords at regular intervals. He informed that banks and government offices, especially in public sector undertakings, are vulnerable to cyber-attacks. Apart from installing multilayer cyber security systems in their offices, they should also avail of the many workshops started by the government to create awareness and train their workforce.

This article was shared with Prittle Prattle News as a Press Release.
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