We live in an era of hyper-connectivity. The various devices and applications being used in homes or at organisations have now become so integrated that it’s hard to keep them separate. In a matter of seconds, a user with a Wi-Fi connection or data plan, can download, transmit and transact information which can be shared across a wide variety of devices.
However, there is a flip side to this too. Not too long ago the biggest risk was protecting the cash in the wallet or having your pocket picked. However, today we live in perpetual fear that our banking details and data stored online could be stolen, hacked, damaged or erased. The biggest nightmare that an individual can wake up to, is to see an unauthorised debit in their bank account and realise that they are a victim of an online fraud. Armed with cyber weapons, it’s easy for digital criminals to rob the unsuspecting online consumers via spoof SMS, phishing links and fake IDs.
Moreover, with the sudden spread of virulent cyber-attacks such as WannaCry and Petya, India has emerged as the third most vulnerable country in terms of risk of cyber threats, such as malware, spam and ransomware, according to a report by global security firm Symantec. It is estimated that Wannacry attack affected around 48,000 systems across India, serving as a major wake up call for all of us on the increasing danger posed by cyber risk.
Therefore, the major worry for everyone today is not if their physical wallet is picked, but whether the latest download on their smartphone or laptop is a bait for a digital hacker who may secure access to their hard-earned money which they may lose in a matter of seconds.
Deploy security tools
When connecting to or storing sensitive data on personal devices, within applications, it is important that you have security tools in place to detect and deter malware and cybercriminals. For home networks, this often means using a firewall and encryption. Maintain an active and strong anti-virus in the computer system to detect any irregularities. A firewall ensures that malicious traffic from compromised devices, apps, or websites that try to enter your network are detected and stopped. Connecting to public Wi-Fi is another common consumer practice that poses substantial risk to the device and network security.
Browse carefully
Cyber criminals often try to scam their way into networks through phishing attacks or malicious emails posing as legitimate communications. To ensure security, restrain from clicking any link from unknown sources or ad, or from an unknown pop-up window and downloading any item from an unknown website. Avoid registering your email ids with unknown sources. Emails from unauthenticated sources should not be attended and clicked on. Always look out for https:// to authenticate if the website is genuine or not.
Strong passwords
Use a strong password preferably with alpha-numeric combination and special characters on every platform. Reusing passwords across multiple accounts makes you susceptible to account takeover or credential stuffing attacks. This is because if your password becomes compromised on one site, it is compromised on others that use the same password.
Cyber insurance cover
Despite the best preventive measures, hackers today are increasingly sophisticated, therefore having a cyber-insurance cover is a must. A comprehensive cyber insurance cover provides protection against various cyber risks such as Identity Theft, Malware Attack, IT Theft Loss, Cyber Extortion, Cyber Stalking, etc. It will cover financial loss resulting from being an innocent victim of E-Mail Spoofing and Phishing. Losses and expenses related to defence and prosecution cost related to identity theft, IT theft loss, restoration cost to retrieve or reinstall data or computer program damaged by entry of the Malware are also covered.
As we move into the new digital economy, where data and connectivity are highly valuable resources, ensuring cyber security by conscientiously following security guidelines is imperative. Additionally, covering the ever-increasing cyber risk through a comprehensive cyber insurance cover will help mitigate the growing risk of cyber compromise. It ensures that you are financially well protected against any cyber-attacks and can browse, surf and transact on the internet without any undue stress.
(Sasikumar Adidamu is the Chief Technical Officer at Bajaj Allianz General Insurance.)