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India seems to be the second most country that is affected by cyber attacks
between the year 2016 to 2018. It is also seen that the average cost for a data breach in India has risen to 7.9% since 2017. This has resulted in more and more companies going in for cyber insurance policies.
It is seen that around 350 cyber insurance policies have been sold in India till the year 2018 which is a 40% increase as compared to last year. IT, banking and financial services seemed to be early adopter of cyber insurance.
There now seems to be a rise in demand among manufacturing, pharmaceutical, retail, hospitality, R&D and IP-based organisations.
DATA BREACH CASES IN INDIA
It is estimated that around 53% of all the cyber attacks have led to financial damages of more than $500K for organisations in 2018. It was seen that Aadhaar details of around 6.7 million users which contained details such as names, addresses and the numbers were leaked on Indane's website. Some other examples include EarlySalary, Zomato, FreshMenu and Lxigo.
GOVERNMENT ACROSS THE WORLD CLAMP DOWN ON DATA
The Indian government seems to be taking some steps in order to promote data protection at a policy level. Countries including Japan, Korea and New Zealand seem to have already passed data protection laws based on the principal of data localisation.