Cyber Risk

With the privatization of the industry in the 1990s in India, the use of electronic systems to
store the important personal and organizational records and files increased considerably. It proved to be a boon in the Industrial sector making the work easier, faster, and efficient compared to earlier methods. With the rise of cybercrime nationally and internationally, cyberspace became vulnerable to fraud by cybercriminals, and victims range from individual users to large corporations and governments as well.

The rapid development of the E-banking and E-commerce industry requires one to disseminate personal financial information repeatedly in the virtual space. Along with with that, the significant growth in the virtual IT sector which is one of the most important contributors towards India’s economic growth, the Indian Government came up with the Cyber Security Policy in 2013. This policy is still evolving and aims to become a comprehensive platform to cover risks to individuals, Private and Public Organisations and Non-governmental entities. It is aimed at creating a uniform national-level system to get early warning, respond and counter the cyber threats and manage any vulnerability.
On a more practical level, it is trying to improve cyber awareness, do away with the supply chain links and set up a National Nodal Agency to protect and coordinate crucial information of all organizations and individuals. The policy also aims to provide different organizations the opportunity to customize their cybersecurity policy separately to suit their type of business. Such customized policies must include the security of information flow and crisis management plan. It requires the organizations to set up a specific budget to set up a security plan which can be implemented in emergency situations.
Now, when technology has proliferated in almost every area of our lives, businesses find it very difficult to cope with the current business environment without the aid of modern equipment. Therefore, knowledge of current cyber laws is very important for any modern business to conduct its business safely and within the existing boundaries of the law.

Scope of Cyber Laws in India

Cyber laws in India cover a variety of cybercrimes that might affect individuals, organizations and the Government. Let’s discuss some crimes that may affect organizations and disrupt the economic growth of the country even with a single incident:

  1. Unauthorized Access and Hacking

Breaking into a computer network without the permission of its rightful owner or the organizational management to which the system belongs is called hacking. Hackers generally commit such illegal activities to access personal information of the customers of such an organization. These might include on a basic level the credit card information, transferring money from the targeted user to own account followed by withdrawal.
Hacking and unauthorized access can be dangerous for all organizations, especially banks, hospitals, and the e-commerce industry.

  1. Virus Attacks

A computer virus is a common terminology in today’s world. A spreading computer virus in the form of multiple copies of programs can be responsible for extensive damage and destroy all crucial information on a large-scale. It leads to the destruction of an electronic device that cannot be repaired.
It can spread to cover many devices thus, affecting not only an individual or one organization but a large network of companies or the government.

  1. Cyber Vandalism

Cybervandalism means destroying or damaging the data when a network service is stopped or disrupted. It may also include any kind of physical harm done to the computer of any person, defacing of the public profile of the victim. These acts may take the form of the theft of a computer, some part of a computer or a peripheral attached to the computer.
So, if a burglary is attempted in any organization that involves the theft or physical harm is done to its computers, such an act will be taken as a cybercrime by the law.

  1. Cyber Terrorism

Cyber terrorism is the most dangerous threat to the sovereignty and integrity of the nation. It involves the denial of service attacks which means flooding a computer with more requests than it can handle. This will ultimately lead to the crashing of the device thus denying access to services by authorized users.
Thus, cyber terrorism is dangerous especially the Government institutions are a target of the same.

  1. Cyber Pornography

If a hacker accesses an organization’s official profile and indulges in publishing or distributing pornographic material on the public internet platform, it can be very dangerous for the organization’s reputation.
Such crimes are covered under cyber law to protect the integrity of the victim organization.

  1. Intellectual Property Crimes

Such crimes have a wide scope. It includes any unlawful act in which the owner is deprived completely or partially of his rights. The basic law protects the organization from illegal acts like software piracy, infringement of copyright, trademark, patents, designs and service mark violation, theft of computer source code.
Thus, cyber laws in India apply to all such crimes prevalent in cyberspace. As an organization, you must have ample knowledge of such laws covering virtual crimes which may affect not only the company’s top management but all its users, vendors, customers, and related parties.
However, it is beneficial to avail of a cyber insurance policy to cover the financial loss incurred due to such crimes and compensate your customers in case they face financial losses due to such activities.
Online insurance advisor SecureNow helps organizations seeking cyber insurance by providing quotes from multiple insurers, completing paperwork for proposals and help them manage their policies and claims.
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