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CYBER CRIME IN INSURANCE AND BANKING SECTOR pdf
Post: #1

CYBER CRIME IN INSURANCE AND BANKING SECTOR


Introduction:

Large-scale commercial, industrial and financial operations are becoming ever more
interdependent and even more dependent on Insurance and banking sector at the same time,
the rapidly growing interconnectivity of these systems leads to malicious attack by unknown
users. Then and there these matters should be taken into consideration or otherwise it will
lead to enomorous damage in these sectors. Internet rules the world nowadays; we can‘t live
without it so we should effectively find a solution to overcome these crimes.

Findings about Cyber Crime:

Cyber crimes are costly. Cyber crimes can do serious harm to an organization‘s
bottom line. We found that the median annualized cost of the 45 organizations in our
study is $3.8 million per year, but can range from $1 million to $52 million per year
per company.
Cyber crimes are intrusive and common occurrences. The companies in our study
experienced 50 successful attacks per week and more than one successful attack per
company per week.
The most costly cyber crimes are those caused by web attacks, malicious code and
malicious insiders. These account for more than 90 percent of all cyber crime costs
per organization on an annual basis. Mitigation of such attacks requires enabling
technologies such as SIEM and enterprise threat and risk management solutions.
Cyber attacks can get costly if not resolved quickly. In this benchmark study sample,
the average number of days to resolve a cyber attack was 14 days with an average cost
to the organization of $17,696 per day. The survey revealed that malicious insider
attacks can take up to 42 days or more to resolve. These costs demonstrate that quick
resolution is needed for today‘s sophisticated attacks.

Conclusion:

Capacity of human mind is unfathomable. It is not possible to eliminate cyber crime
from the cyber space. It is quite possible to check them. History is the witness that no
legislation has succeeded in totally eliminating crime from the globe. The only possible step
is to make people aware of their rights and duties (to report crime as a collective duty towards
the society) and further making the application of the laws more stringent to check crime.
Undoubtedly the Act is a historical step in the cyber world. Further I all together do not deny
that there is a need to bring changes in the Information Technology Act to make it more
effective to combat cyber crime. I would conclude with a word of caution for the pro-
legislation school that it should be kept in mind that the provisions of the cyber law are not
made so stringent that it may retard the growth of the industry and prove to be counter-
productive.
 

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