Shielding your digital assets: How cyber insurance can provide a safety net in the face of growing cyber threats

livemint.com:

cybercrimes. In this context, cyber insurance has emerged as an essential tool for safeguarding against financial and reputational damages caused by cyber attacks. “When it comes to taking risks, there are just have three options – Accept the risk, mitigate the risk using technology and transfer the risk to an insurance company.

If the risks are not mitigated or transferred, you’ve accepted them and their costs. For individuals, it's focussed primarily on protecting the theft of funds, extortion and online shopping frauds amongst others," Sarthak Dubey, Co-Founder of Mitigata says. Let’s delve into the significance of cyber insurance and provide insights into how you can protect yourself.

The evolving threat landscape in India demands a proactive approach towards securing digital assets. Cyber attacks, such as ransomware, data breaches, and phishing attacks, have become more sophisticated and targeted. These attacks can lead to financial losses, customer data breaches, regulatory penalties, and reputational damage, making it crucial for individuals and corporations to adopt measures to protect themselves.

Also Read: Fintech apps: As money moves without changing hands, extra caution needed Cyber insurance acts as a safety net, allowing to transfer some of the risks associated with cyber attacks to an insurance company.

This insurance coverage protects against a range of cyber risks and provides financial assistance in the event of a breach or attack. It encompasses various aspects such as legal expenses, notification costs, forensic investigations, data restoration, and business interruption. By providing financial protection, cyber insurance helps individuals and corporations mitigate the potential losses caused by cyber