Cyber Crime Insurance industry is waking up

Several years after Indian industry started demanding Cyber Crime Insurance,  insurers appear to have realized that there is a potential business here worth exploring. (See article here). In our earlier article we had highlighted that after the recent G Mail hacking report, the interest seem to have got a boost.

While three companies namely HDFC ERGO, TATA AIG and ICICI Lombard appear to have started writing insurance policies, it appears that they are still in the process of writing customized policies for specific large clients. They may be banking more on their relationship with the existing customers in other products rather than developing an exclusive product for the “Cyber Crime Risk”.

The premia talked about in the media also appear to be unrealistically high and indicate that the insurance agencies are yet to get a grip on the risks and the acturial evaluation.

In order that the industry picks up such insurance products, it is necessary that the products must be affordable and also promise quick settlement of claims.

At present we donot have any experience as to the settlement of claims and therefore we need to await further developments to understand how the industry is set to progress in the coming days.

Naavi

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Supreme Court clarifies on Evidentiary Aspects

Ever since ITA 2000 became a law in India (17th October 2000), discussions are being held on the admissibility of electronic evidence in a Court of law. Section 65B of the Indian Evidence Act laid down the procedure by which an electronic document may be considered as “Admissible”.

Naavi.org has clarified this many times and since around 2002 maintains a service “Cyber Evidence Archival Center” providing certified copies of electronic document in print form with certification as explained in Section 65B. Though the evidence produced by CEAC has been presented and accepted in some court proceedings, there used to be continued discussion on the subject.

Now in a recent case, Supreme Court has provided some clarification.

According the report, the Supreme Court stated

” An electronic record by way of secondary evidence shall not be admitted in evidence unless the requirements under Section 65B (of Evidence Act) are satisfied. Thus, in the case of CD, VCD, chip, etc., the same shall be accompanied by the certificate in terms of Section 65B obtained at the time of taking the document, without which, the secondary evidence pertaining to that electronic record, is inadmissible,” said the court in the judgment written by Justice Kurian Joseph.”

Refer: Article in FPJ

Naavi

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G Mail hacking news triggers interest in Cyber Insurance

The recent report on the compromise of 4.93 million passwords has triggered a renewed interest in Insurance against Data Security threats. According to this report in Indian Express, (See here), some of the BPOs in India have been showing interest in buying such products.

This report is very important since it establishes the viability of such insurance. Naavi has been advocating that Banks should take such insurance to protect the customers against Phishing frauds.RBI has also mandated the same to Banks since 2001.  Many of the Banks have however been suggesting that no such insurance is available in India.

With the developments reported in the news papers,  such excuses will no longer be be acceptable to the judiciary.

This is good news for those Cyber Crime victims who have been pursuing their cases against Banks such as ICICI Bank, PNB, SBI, AXIS Bank etc.

Naavi

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Mumbai Adjudicator conducts E-Adjudication

In a commendable move, Mr Rajesh Aggarwal, Adjudicator of Maharashtra (IT Secretary) created a precedence in conducting an online adjudication session with litigants in Nagpur through video conferencing.

Report

Naavi has been advocating such an approach for a long time but no adjudicator had so far taken such a decision so far.  Naavi has also pioneered a facility  at www.arbitration.in for the purpose where the session is also CEAC certified. We are only waiting for more and more persons like Mr Rajesh Aggarwal who are open to people friendly adjduicators.

Hope other adjudicators will also take a cue from Mr Rajesh Aggarwal.

Naavi

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Hacking of G Mail passwords

Recently, it was reported in the media that more than 4.93 million gmail account passwords are hacked and released through torrrent. There was also a website which provided a verification of whether a particular email address was included in this dump or not.

Subsequently it was also reported that Google had advised the affected account holders to change the passwords leading to a speculation that the Google had admitted the hacking of its resources.

It has been subsequently been explained by independent security professionals that Google stores the passwords only in encrypted form and hence even if there appears to be a compromise of a gmail password it might not have occurred through hacking of a Google server and could have possibly occured through other websites where users might have used the gmail account credentials along with a password which might be the same as what they use for the google accounts.

Related News 1

Related news 2

It was also interesting to note that there was a separate news that the terrorist organizations  ISIS is trying to establish a domination in the Cyber Space and develop Cyber war capabilities in the name of  “Cyber Caliphate”.

Cyber Caliphate news

Naavi

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Android users face Ransom ware threat

New York Times has reported a spreading ransom ware targetting Android users.  A message stating that the phone owner is guilty of an offence and FBI has locked the phone and it can be unlocked if a payment is made to so and so… could be one of the ways by which the ransom may be demanded.

See Report:

 

Naavi

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