Pharma majors, banking and insurance firms have started demanding cyber insurance and crime insurance cover after the recent spurt in cyber abstinence, with even traditional and construction companies lagging behind, officials said in a reinsurance brokerage Have said
Vijay Thiagarajan, CEO of Bharat Re-Insurance Brokers Pvt Ltd, said, “There have been many instances of cyber theft during the epidemic, which relate to data theft, fake money transfers, securities or stocks.” Limited
TL Arunachalam, head of cyber and emerging risk practice in re-insurance in India, said, “We have started talking to about 40 Indian firms to get cyber insurance and crime insurance cover.
Traditional companies, Mr. Arunachalam said, were slow on the issue, as they were prioritizing the protection of physical assets against vulnerabilities, cargo in transit, employee safety and money in transit.
“Whenever there was a cyberback, they simply switched servers and systems and started operations using back-up data,” he said. “It is time cyber criminals are taken seriously,” he said.
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