The insurance regulatory and development authority of India (IRDAI) has long back recommended cyber Insurance policy as a risk transfer mechanism for cyber risk and will protect the policyholders from cyber crimes yet it is still at a nascent stage. When there are breaches or attacks on an information system that results in loss or harm to the person is called cyber risk. a committee for cyber liability insurance was set up by IRDAI due to the rise in the number of cyberattacks. India is one of the largest online markets and the number of

Internet users is rapidly increasing as well as the payment methods of users have shifted towards online methods. The individual cybersecurity insurance policy usually covers features like phishing cover, Cyberstalking, privacy breach cover, data breach, malware cover, cyberstalking, identity theft cover, theft of funds, etc. Even with increasing attacks on cybersecurity and cyber insurance being a talking point only about 20% of the Indian companies are securing race through insurance.

Cyber insurance policy has some typical inclusions such as legal expenses, cyber extortion expenses, administrative fines, forensic investigation costs, business interruption caused, and breach notification costs. Wild some typical exclusions are loss of intellectual property, loss due to cyber war or cyber terrorism, property damage, bodily injury, mechanical or electrical failures, and fraudulent acts or willful violations. Deciding to quantify the cyber risk and deciding upon a suitable cover is a challenge for an insurance company. It is important to know that the most prevalent attacks in recent times are covered in an insurance policy or it will become a bit redundant.

According to the report of Nasscom's Data Security Council of India (DSCI) report 2019, India has witnessed the second-highest number of attacks, between 2016 and 2018, in the world. The cyberattacks mainly consist of phishing or spoofing attacks, spyware or malware attacks, SIM swap, credential stuffing, and man-in-the-middle attacks. There are many government projects which intense to tackle cyber attacks such as cyber Suraksgit Bharat initiative, cyber Swachhta Kendra, information security education and awareness project, information technology Act 2000, etc. however it is sad that cybercrimes such as ransomware are not covered under it act or under Indian Penal Code and there is no legislation that elaborates the role and responsibility of stakeholders,

However, One can be protected through article 21 right to life as ransomware is an infringement on our fundamental right to privacy. Budapest Convention on cybercrimes that came into force on 4 July 2004, is an international treaty that Aims to improve investigative techniques and increase cooperation among the nations however India is not a signatory to this convention, other international mechanisms that exist are the Internet governance forum and International Telecommunication Union.

Online modes have become an important part of our life and can be considered a new way of life and there are many activities such as Financial transactions, entertainment, shopping, communication, etc. it is important to consider risks and security in the cyber world.

This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts made to ensure the accuracy and correctness of the information published, White Code Legal and Tax shall not be responsible for any errors caused due to human error or otherwise.