It means the theft of your Personal Information over the internet, which has resulted or could reasonably result in the wrongful use of such information. Identity theft costs means the reasonable and necessary fees and expenses incurred such as:
Loss due to a Cyber Bullying or Defamation Event. Reputation loss means:
It means unauthorized and fraudulent use of Your
by a Third Party for transfers, purchases or withdrawals made over the internet (but not ATM), provided they are unrecoverable from any other sources. Unauthorized transactions also include e-mail spoofing or phishing.
Cyber Bullying means the posting of material online by a Third party acting maliciously and is intended to cause you embarrassment, humiliation or distress
Cyber Extortion Threat means any imminent and credible threat conveyed over the internet to demand money from you by threatening to inflict harm to your reputation by publishing online your Personal information taken from your Computer system while still in your physical possession and custody
Legal Defense Costs means any costs, expenses and/or fees for experts, investigations, court appearances, surveys, examination and/or procedures that are necessary for your civil, commercial, administrative defense
The necessary costs involved in recreating the original documents or the data which might be lost due to Cyber Attack
Fees for specialist IT service consultant to conduct an investigation to determine the cause of an extortion threat or data extortion threat
Defense costs and any legal liability arising out of Defamation, Breach of copyright, title, slogan, trademark, trade name, service mark, service name or domain name etc.
|Coverages||ICICI Lombard||Tata AIG||Bajaj Allianz||HDFC Ergo|
|Data Restoration Costs||Covered||Covered||Covered||Covered|
|Policy Limit (INR)||ICICI Lombard||Tata AIG||Bajaj Allianz||HDFC Ergo|
Let’s try to understand how everything (which superficially looks secured and leakproof) is connected, one breach and the entire secured structure collapses. You use different kinds of Identity proofs, login credentials, mail accounts, passwords to get the work done. Also, you give a lot of permissions to applications in your mobiles and laptops to access data.
Some of the examples are as follows. Aadhar Card, which is one of the basic identity proofs, used extensively in India has Demographic (Name, Gender, DoB, Address, Mobile number and email id) & Biometric (Finger Prints, Both Iris and photograph). PAN Card, is a ten-digit unique alphanumeric number issued by the Income Tax Department. It is used for various purposes like, applications for Debit & Credit Cards, opening a demat account, for deposition or withdrawal of cash above INR 50,000 in banks etc. It has details like Date of Birth, your income, your signature. Your mail account has huge volumes of data like mobile number, Gender, personal information on emails, Passwords, access to bank account details and this account many times are also linked to many applications like Instagram, Facebook, YouTube, Snapchat, Shopping sites and many more. The accounts in your smartphone taps a lot of data such as what are you searching for, what is the shopping list, what are your preferred shows, your daily activities etc.
Some figures to note about the Cyber Attacks
As per CERT-In, India reported 2.12 million Cyber attack incidents in just January & February of 2022, while 2020 had 1.16 million cyber security cases, 3 times more than 2019. This clearly shows the exponential increase in the number of cases. And, the situation is not just alarming in India, but world over, including the United States.
While the trend was already on the rise, Covid-19 has accelerated it. With WFH becoming the norm worldover, the heavy dependence on technology was inevitable. In addition to that the increased adoption of 5G, interconnectedness of devices, new processes and procedures, updated employee profiles and less-controlled work environments - have all led to an increase in vulnerabilities.
According to Cybint, 43% of Cyber attacks target Small Businesses and Individuals.
With the rise in UPI transactions, online financial attacks, UPI fraud complaints, hacking, cyber-frauds, and other risks have increased. Some of the most common types of UPI scams are: Phishing is when fraudsters send emails or SMS containing unauthorized links. When you click on these links, you will be directed to your phone's UPI app and will see an auto-debit from your account. Links to these sites are potentially harmful and can also infect your phone with viruses or malware.
Remote screen-monitoring : Sometimes, downloading an unverified application from the app store can lead to privacy breach and data leak. These third-party apps can extract confidential data from your phone and tap into UPI app details, which can result in UPI fraud. The UPI app does not require you to scan a QR code or enter your pin to receive money. Many users do not know this. Hackers usually send fake links that claim to be able to request money. When you click on this link, it will ask for your UPI pin or to scan a code. This can expose your financial information to hackers.
Fake calls : Here, fraudsters will call you pretending to be bank representatives and ask for your UPI pin or ask you to download a third-party app, stating it is for verification purposes. Doing so gives them access to your data and account details.
Phishing : Fraudsters create a phishing website that appears to be a legitimate website, such as a bank's website, an e-commerce website, a search engine, and so on. These websites are then distributed by SMS, social media, email, and various other means. Many clients enter security credentials such as a Personal Identification Number (PIN), One Time Password (OTP), Password, and so on, which are collected and utilized by fraudsters
Vishing: Fraudsters act like bankers, executives, insurance agents, government officials, and others call or approach customers over the phone or over social media. They then disclose a few of your facts, such as your name or date of birth, to win trust. Fraudsters may pressure or trick you into sharing confidential information such as passwords, OTPs, PINs, and Card Verification Values (CVVs) by citing an urgency / emergency such as the need to block an unauthorized transaction, payment required to avoid a penalty, or an attractive discount, among other things. You can then be defrauded using these credentials.Online Sales Platform: Many times, fraudsters pose as purchasers and try to get your data, about like Bank account details, UPI details etc. They then try to win the trust and ask them to transfer some money, posing as if they are authenticating their identity. This way you can defrauded.
Unverified Mobile Apps: Fraudsters try to share the app links through SMS, Mails, WhatsApp messages etc. and ask you to download the app. These apps then transfer data to a third party who can then access your credentials. These credentials are then used to defraud. Card Skimming: Skimming devices are installed in ATM machines by fraudsters who take data from your card. Sometimes, fraudsters pretending to be other customers standing near-by gain access to the PIN when you enter it in an ATM machine. This data is then used to create a duplicate card and withdraw money from your account
SIM Swap or SIM Cloning: In this case fraudsters obtain a duplicate SIM card and gain access to your personal details. These details can be used to defraud.
Cyber attacks are not just limited to Loss of Money or Loss of Data. It has much more impact such as:
The most prominent effects of Cyber attack are Loss of Money, Loss of Profits, fall of stock prices (in case of an attack on listed organizations), and also regulatory fines. However, it can also result in physical damage to the surroundings, Infrastructure, machinery and in extreme cases it can also lead to Loss of Life.
Many cases of CyberBullying leaves a person depressed, embarrassed and confused on what should be the further course of action. These may be the most neglected impacts, but have the highest severity. Reputational impacts can include a loss of goodwill, damaged relationships with people and intense media scrutiny. .