Cyber Insurance Need of the Hour: To Combat Growing Cyber-Attacks within Cyber Space

Abstract

There are still alarming gaps among organisations and individuals regarding’ cyber-attacks in cyber space and measures to create awareness about cyber insurance. In the realm of cyber space, cyber-attacks can occur, impacting both individuals and businesses. For individuals, this often involves crimes such as identity theft and personal data breaches. For businesses, cyber-attacks can include the theft of intellectual property and other sensitive information. The threat posed by cyber-attacks has grown considerably in recent years.  Globally, the survey revealed diverse reasons for not obtaining cyber insurance. It was found that people lacked a clear understanding of cyber insurance products or perceived it as too expensive.