While the rise in internet usage is good news, one cannot ignore that there is an ugly side to it as well, which is frauds and cyber crimes. According to NCRB data, in 2021, India registered 50,242 cases of cyber crimes, amounting to a loss of a whopping Rs 167.03 crore. Of the cases registered, 4,823 cases were of online banking fraud, 4,071 were identity theft cases, 2,028 OTP fraud cases and 1,176 belonged to cyber stalkings alone. A look at the data shows that the number of cases registered for cyber crimes have been consistently on the rise and more than doubled in the last five years. In 2017, there were just 21,796 cases registered. While guidelines are being issued from time to time by country's central bankRBI to practice safe online activities and banking and adoption of various measures like deploying password managers, deleting saved passwords on primary devices, any cyber-attack can result in a huge financial loss for companies and individuals and that is where having a cyber insurance become all the more important.
WHAT IS CYBER INSURANCE
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