An Article On Cyber Security Insurance And Its Importance In Sustainable Business

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Anurag Gourav, Research Scholar, Narayan School of Law, GNSU, Jamuhar, Bihar

ABSTRACT

The infrastructure and services provided by IT have become more and more important to society. Furthermore, the COVID-19 pandemic compelled a change from the conventional method of working, which required physical presence, to a more contemporary and adaptable method, which involves working remotely. As a direct result of the larger attack surface, this has increased the frequency of cyberattacks, but it has also increased the need for information system protection. When it comes to information system protection, cyber insurance is taken into consideration as a risk management tactic. Cyber insurance is becoming a vital tool for defending businesses against financial losses brought on by cyberattacks. Identity theft, Cyberstalking, Malware attacks, Phishing, Cyber extortion, Privacy and data breach by third parties are some of the crimes which are mainly effected by cyber-criminal. India has a strong legislative toolkit to prevent cybercrimes and protect cybersecurity. The foundation for the nation's cyber security laws is laid by two significant cyber laws: the Information Technology Act of 2000 and the IT (Amendment) Act of 2008. The Digital Personal Data Protection Act (DPDP) 2023, which attempts to control the way entities handle users' personal data, may incentivize businesses to get cyber insurance in order to reduce the risk of financial loss from liabilities. India's ever-changing digital environment necessitates a proactive approach to cybersecurity. Businesses must be aware of cybersecurity laws and obtain cybersecurity insurance in order to defend themselves against constantly changing cyberthreats. Organizations can confidently navigate the cyber legal landscape and create a secure digital future by adhering to regulations and maintaining sufficient insurance. To draft the current landscape, I have reviewed the relevant articles on cybersecurity insurance, relevant laws and practice in this sector.

Keywords: Cyber Security, Phishing, Cyber Laws, Insurance

AN ARTICLE ON CYBER SECURITY INSURANCE AND ITS IMPORTANCE IN SUSTAINABLE BUSINESS.pdf

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