Due to the growing popularity of digital transactions and increasing digital penetration in India, the threat from cybercrimes is at an all-time high. Financial institutions thus provide specialised coverage options such as cyber security insurance policy to individuals who deal with sensitive information online.
However, before you can appreciate the importance of adequate security for digital activities in the form of such cyber security cover, you need to understand the various types of security and threats prevalent on the internet.
What are the various types of cyber security?
Cyber security can be divided into different parts, based on the systems concerned. These are –
● Network security – A network security infrastructure ensures that internal networks are free from intruders. For instance, consider securing your various internet- banking applications using strong passwords. Without these, almost anyone would be able to access your savings account digitally and transfer funds as he/she pleases.
● Application security – Specific software programmes ensure cyber protection from certain threats. For example, antivirus and antimalware software can protect your devices from malicious content.
● Cloud-based security – Today, cloud storage has become highly popular, thanks to the limited storage capacity of laptops and desktops. However, data and files stored in cloud-based systems are susceptible to cyber-attacks as well. While a cyber insurance policy covers against such attacks, cloud-based applications also feature its internal security to prevent such occurrences.
● Prevention of data loss – Specific policies and measures also need to be put in place to recover data after a security breach. Network permission setup is necessary for this type of data storage.
Even though these measures can help, users also need to avail a Cyber Security Cover, provided by Bajaj Finserv under Pocket Insurance & Subscriptions. Such a policy covers you against losses arising from simjacking, lottery scams and all other forms of fraudulent instances surfacing online.
After assessing the types of cyber security, you should also learn more about the types of threats that you can face online for better security integration. It would enable you to understand just how a cyber security insurance plan can help.
Types of threats online
Broadly, one can categorise prevalent cyberattacks into three distinct categories, each of which can be divided into sub-categories. The primary three categories of online threats include –
i. Integrity compromising attacks
In these types of cybercrimes, a group or individual will access sensitive or confidential information and leak the same to other parties. Generally, such attacks hamper the reputation of the company or individual whose data or information is compromised in the market. Even though these attacks do not directly lead to financial losses, victims may face eventual losses because of this leak.
ii. Confidentiality-linked attacks
Phishing is one of the attacks aimed at acquiring the financial or personal details of an individual. In it, fraudsters impersonate reputed entities to gain user’s confidence. Once you reveal confidential information to them, they utilize such credentials to steal money from your account.
Such a breach is popularly known as spoofing. With a fraudulent charges cover in place, you can, nevertheless, claim for any loss suffered because of such cybercrimes.
iii. Attacks on availability
In this form of attack, criminals access an unauthorised network and demand ransom to let this network’s lawful users regain control of their accounts. This kind of attack is primarily directed toward companies and organisations, leaving them non-operational until the situation is resolved.
Besides cyber security insurance plans, you should also keep other allied covers in place to keep your finances protected. For instance, investing in an ATM safeguard plan will help prevent physical scams along with online fraud. This policy can help you block lost or stolen credit/debit cards. Also, it protects against financial losses suffered due to ATM skimming and such other malicious activities.