#FactCheck - Edited Video of ‘India-India’ Chants at Republican National Convention

Introduction

India’s digital growth journey has been moving at a tremendous pace. According to MeitY’s report, India’s digital economy is expected to rise to US$ 500 billion by 2025, up from US$ 200 billion in 2019. The digitisation drive that we are experiencing is likely to foster and boost a favourable business environment that will attract rapid investment and augment economic growth across sectors. This will, in turn, compel businesses to adopt digital platforms as solutions to meet customer expectations. Due to accelerated digitisation, cyber risks often deter business growth. Cybercrimes are becoming more rampant and complex and the costs associated with such breaches are not only increasing but also becoming more systemic.

Development of the Cyber Insurance Landscape

Digitization of businesses started in the 1980s with the use of mainframes. Personal computers entered the game and further modified the landscape from the 2000s along with LANs, the internet and the dot-com boom of the 2000s. In the late 1990s, cyber-insurance was developed as a risk management tool to ensure information security. Coverage was limited, and clients included SMEs in need of insurance to qualify for tenders, or community banks too small to hedge the risks of their online banking operations. The first cyber insurance policy was written in 1997 through AIG, against hacking as a third-party liability policy. 

The current trends in the cyber insurance space are focused on the prevention of cyber risks, which by nature are hard to outline and constantly evolving. The result is that the buyers have limited clarity on the types of cyber risks covered under cyber insurance, and even lesser visibility on the scope and amount of optimum coverage. Unfamiliarity with the claim procedure and resolutions, ambiguous claim thresholds during settlements, and confusion around exclusions and coverage of regulatory fines and penalties under a purchased scheme further discourage potential buyers from seriously investing in cyber insurance products. 

Key Factors in Cyber Insurance Evolution and Its Role in Risk Management

The cyber insurance market in India has three key influencing factors, namely the speed of achieving digital maturity, government initiatives to digitise and enforce stringent cyber laws, and the evolving landscape with technology giants and MNCs entering the cyber insurance domain. The latter  are the catalyst for intensifying competition in this market. 

Advancements in technology in terms of AI, machine learning, big data, robotics, blockchain, augmented and virtual reality, and IoT are expected to reshape the insurance industry and help reach untapped audiences in a more digital-forward manner. With the absence of a standard cyber insurance policy, regulators need to take the following variables into consideration while developing cyber insurance policies: the risk insured against, the scope of the loss covered and the limits/ sub-limits.

Challenges 

With the complexity of cyber risks increasing exponentially the challenges to counter the same are growing too which is leading to gaps in the coverage offered for cyber threats. Resultantly, the compliance regulations are dependent on the risks which exist and cyber threat actors adopt new technologies faster and exploit them to their benefit. A lack of historical data and predictability in future cyber risks, the possibility of large overwhelming loss events, uncertainties among market participants about what is specifically covered under such policies, and legal battles over fundamental issues are some of the challenges identified.

Future Outlook/ Recommendations

India's cyber infrastructure requires a multi-faceted approach that involves collaboration between government, industry, and academia should be developed. Some recommendations are:

• Risk assessments should be a general practice and the cyber insurance policies should be simplified, clearing the mismatch between the premium paid and insurance coverage and there should be standard verbosity across cyber policy language.
• Promoting R&D tailored to India focused on education programs that have public-private partnerships and global collaborations to share threat intelligence, best practices, and expertise in critical infrastructure protection.
• Cyber insurance can also be promoted as compliance with the DPDP Act, which would lead to better development of cyber infrastructure and cyber hygiene practices.
• Regular updates to cyber insurance policies to ensure relevance and effectiveness. Insurers could create and offer holistic cyber insurance risk management plans.

Conclusion

According to a report by Deloitte in 2023, the cyber insurance market in India is expected to grow by 27-30 per cent in the coming years and it is currently valued at USD 50-60 million, while maintaining a steady 27-30 per cent CAGR in the past three years. The Indian cyber infrastructure’s nature is challenging, however, it offers opportunities for growth, innovation, and collaboration. A proactive approach, supported by robust policies, advanced technologies, and skilled professionals, will be essential to building a resilient cyber infrastructure capable of withstanding evolving threats.

Reference

• https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/financial-services/deloitte-nl-fsi-demystifying-cyber-insurance-coverage-report.pdf
• https://www.dnaindia.com/business/report-what-s-cyber-liablity-insurance-and-why-you-may-need-it-2136556‍
• https://economictimes.indiatimes.com/industry/banking/finance/insure/cyber-insurance-gains-momentum-in-india-set-to-witness-exponential-growth-deloitte/articleshow/104189297.cms?from=mdr

As e-commerce companies expand their base and sell a wide range of products on their platforms, attackers continue to look for newer avenues to exploit and potential loopholes to perpetuate scams. A recent method used by scammers is the brushing scam, which targets online shoppers to drive sales. As per reports, it is already being conducted on popular and trusted e-commerce websites such as Amazon and Alibaba Express, and online shoppers must exercise caution with regard to the packages they receive.

The Brushing Scam

Deriving its name from China’s e-commerce practice, this scam includes sellers creating and sending fake orders to unsuspecting individuals, posing to be from e-commerce websites in order to ‘brush up’ the sales figures of their product. The products received are usually low quality and contain items such as low-cost jewellery, seeds, and random gadgets, among other things. The aim is to manipulate reviews for a particular product and make it seem popular so other buyers online are encouraged to purchase the items marketed. Most online shoppers today check reviews before making a purchase, and popular items and seemingly-trustworthy reviews can go a long way towards influencing customer behaviour. Since many platforms do include labels to authenticate reviews tied to genuine purchases to counter fake reviews, scammers have evolved a step further to develop an MO for fake reviews that holds up against basic levels of scrutiny. Some of the packages received under the brushing scam also have QR codes which once scanned lead the receiver to malicious websites.

CyberPeace Insights

Mysterious deliveries that have no information but your name and address may seem tempting to many, as receivers might assume that it could be a marketing gig and free products to try for the sake of promoting a product. The credibility of such deliveries increases as they are packaged to show that these are delivered through trusted online shopping and e-commerce sites. However, even though receiving products for free might seem harmless, it is advised that unknown items be dealt with carefully, more so when addressed to an individual with personal details. Receiving an order itself is an indication that personal information such as one’s name and address has been compromised, and it is likely that the sellers are involved in procuring personal information through a third party, often using illegal methods.

Registering complaints to the concerned e-commerce websites is encouraged, as the frequency of cases raises questions and encourages platforms to take action to ensure a secure buying and delivery experience from their end. An awareness of such scams being carried out for their customers could encourage caution on the part of these platforms and prove to be helpful in addressing the issue on multiple levels. On the part of the receivers, they can change the passwords of their e-commerce accounts and use a 2FA (2-factor authentication) for better security. They should also exercise caution while receiving such parcels, and avoid scanning QR codes on suspicious items.

References

1. https://www.livemint.com/technology/tech-news/brushing-scam-explained-from-fake-orders-to-reviews-how-fraudsters-are-manipulating-online-shopping-platforms-11735824384866.html
2. https://www.indiatvnews.com/technology/news/beware-of-amazon-scams-how-fraudsters-use-fake-reviews-to-sell-counterfeit-products-2025-01-02-969115
3. https://www.indiatoday.in/technology/news/story/brushing-scam-now-makes-buzz-as-it-targets-online-shoppers-everything-you-need-to-know-2659172-2025-01-03
4. https://www.msn.com/en-in/money/news/brushing-scam-now-makes-buzz-as-it-targets-online-shoppers-everything-you-need-to-know/ar-AA1wTvon 

‍

Introduction

Data Breaches have taken over cyberspace as one of the rising issues, these data breaches result in personal data making its way toward cybercriminals who use this data for no good. As netizens, it's our digital responsibility to be cognizant of our data and the data of one's organization. The increase in internet and technology penetration has made people move to cyberspace at a rapid pace, however, awareness regarding the same needs to be inculcated to maximise the data safety of netizens. The recent AIIMS cyber breach has got many organisations worried about their cyber safety and security. According to the HIPPA Journal, 66% of healthcare organizations reported ransomware attacks on them. Data management and security is the prime aspect of clients all across the industry and is now growing into a concern for many. The data is primarily classified into three broad terms-

• Personal Identified Information (PII) - Any representation of information that permits the identity of an individual to whom the information applies to be reasonably inferred by either direct or indirect means.
• Non-Public Information (NPI) - The personal information of an individual that is not and should not be available to the public. This includes Social Security Numbers, bank information, other personal identifiable financial information, and certain transactions with financial institutions.
• Material Non-Public Information (MNPI) - Data relating to a company that has not been made public but could have an impact on its share price. It is against the law for holders of nonpublic material information to use the information to their advantage in trading stocks.

This classification of data allows the industry to manage and secure data effectively and efficiently and at the same time, this allows the user to understand the uses of their data and its intensity in case of breach of data. Organisations process data that is a combination of the above-mentioned classifications and hence in instances of data breach this becomes a critical aspect. Coming back to the AIIMS data breach, it is a known fact that AIIMS is also an educational and research institution. So, one might assume that the reason for any attack on AIIMS could be either to exfiltrate patient data or could be to obtain hands-on the R & D data including research-related intellectual properties. If we postulate the latter, we could also imagine that other educational institutes of higher learning such as IITs, IISc, ISI, IISERs, IIITs, NITs, and some of the significant state universities could also be targeted. In 2021, the Ministry of Home Affairs through the Ministry of Education sent a directive to IITs and many other institutes to take certain steps related to cyber security measures and to create SoPs to establish efficient data management practices. The following sectors are critical in terms of data protection-

• Health sector
• Financial sector
• Education sector
• Automobile sector

These sectors are generally targeted by bad actors and often data breach from these sectors result in cyber crimes as the data is soon made available on Darkweb. These institutions need to practice compliance like any other corporate house as the end user here is the netizen and his/her data is of utmost importance in terms of protection.Organisations in today's time need to be in coherence to the advancement in cyberspace to find out keen shortcomings and vulnerabilities they may face and subsequently create safeguards for the same. The AIIMS breach is an example to learn from so that we can protect other organisations from such cyber attacks. To showcase strong and impenetrable cyber security every organisation should be able to answer these questions-

• Do you have a centralized cyber asset inventory?
• Do you have human resources that are trained to model possible cyber threats and cyber risk assessment?
• Have you ever undertaken a business continuity and resilience study of your institutional digitalized business processes?
• Do you have a formal vulnerability management system that enumerates vulnerabilities in your cyber assets and a patch management system that patches freshly discovered vulnerabilities?
• Do you have a formal configuration assessment and management system that checks the configuration of all your cyber assets and security tools (firewalls, antivirus management, proxy services) regularly to ensure they are most securely configured?
• Do have a segmented network such that your most critical assets (servers, databases, HPC resources, etc.) are in a separate network that is access-controlled and only people with proper permission can access?
• Do you have a cyber security policy that spells out the policies regarding the usage of cyber assets, protection of cyber assets, monitoring of cyber assets, authentication and access control policies, and asset lifecycle management strategies?
• Do you have a business continuity and cyber crisis management plan in place which is regularly exercised like fire drills so that in cases of exigencies such plans can easily be followed, and all stakeholders are properly trained to do their part during such emergencies?
• Do you have multi-factor authentication for all users implemented?
• Do you have a supply chain security policy for applications that are supplied by vendors? Do you have a vendor access policy that disallows providing network access to vendors for configuration, updates, etc?
• Do you have regular penetration testing of the cyberinfrastructure of the organization with proper red-teaming?
• Do you have a bug-bounty program for students who could report vulnerabilities they discover in your cyber infrastructure and get rewarded?
• Do you have an endpoint security monitoring tool mandatory for all critical endpoints such as database servers, application servers, and other important cyber assets?
• Do have a continuous network monitoring and alert generation tool installed?
• Do you have a comprehensive cyber security strategy that is reflected in your cyber security policy document?
• Do you regularly receive cyber security incidents (including small, medium, or high severity incidents, network scanning, etc) updates from your cyber security team in order to ensure that top management is aware of the situation on the ground?
• Do you have regular cyber security skills training for your cyber security team and your IT/OT engineers and employees?
• Do your top management show adequate support, and hold the cyber security team accountable on a regular basis?
• Do you have a proper and vetted backup and restoration policy and practice?

If any organisation has definite answers to these questions, it is safe to say that they have strong cyber security, these questions should not be taken as a comparison but as a checklist by various organisations to be up to date in regard to the technical measures and policies related to cyber security. Having a strong cyber security posture does not drive the cyber security risk to zero but it helps to reduce the risk and improves the fighting chance. Further, if a proper risk assessment is regularly carried out and high-risk cyber assets are properly protected, then the damages resulting from cyber attacks can be contained to a large extent.