Cybercrime Insurance Is A Protection Tool Of The Society: An Analytical Study

Abstract

Despite the increasing awareness of cybercrime, there are many people who are still not sure what it is. Cybercrime is a criminal activity that is committed using computers or the internet. It can include anything from hacking and identity theft to fraud and child pornography. With the rise of technology, cybercrime has become one of the most common forms of crime. According to a report by Norton, a cyber-security company, there were 4.1 billion records breached in the first six months of 2019 alone. And the rate of cybercrime is only increasing. The same report stated that the average cost of a data breach globally was $3.86 million in 2018, which is up 6% from the previous year. During the duration of the Pandemic of Covid-19 most, most of the cyber-crimes increased by around five hundred times is stated by Chief of Defence Staff (CDS) General Bipin Rawat in a discussion with the Hindu Newspaper reporter in Nov. 2021. With the growing rate of cybercrime, many businesses are starting to purchase cybercrime insurance. Cybercrime insurance is a protection tool that businesses can use to financially protect themselves in the event of a data breach or other type of cyber-attack. In this research paper, we will explore the need for cybercrime insurance and how it can help businesses recover from a cyber-attack. We will also look at some of the challenges that businesses face when it comes to purchasing such insurance.