In an answer given in the Parliament, the IT Minister, (based on RBI records) has reported the following information on Cyber Frauds in Banks.
|Year||No of cases(Card and Internet Banking)||Amount (Rs Cr)|
|2014-2015(9 months Upto Dec 2014)||9362||60|
At the same time, as per the Minister’s statement, CERT IN has provided some details on the phishing incidents.
|Year||No of Phishing incidents|
Reference: Article in Business Standard
The undersigned had also asked for similar information from RBI through an RTI application which has resulted in the following data as on April 30, 2015
|Year||No of Cases||Amount (Rs Cr)||
Amount Recovered through Insurance
|Internet Banking||Credit Card||Internet banking||Credit Card||Internet Banking||Credit Card|
|2015 (Upto March)||13||150||35.31||42.76||0||0.225|
One can see that there is no correlation between what RBI has given to the undersigned directly and what the Minister has stated in the Parliament.
This lack of reliability of Cyber Crime data is what is making it extremely difficult for the industry to understand the impact of Cyber Crimes on business.
I recently had an an occasion to discuss this with the representatives of the Insurance industry also and found that there is virtually no clarity on the domain of Cyber Crime insurance though some of the insurance brokers have been offering it in the form of liability insurance. But if the Cyber Crime Insurance industry has to come out with useful offers that would provide confidence to the IT user community, then there is a need for a major initiative by the Government to give a boost to the industry in some form.The Information Security professionals in the country need to put their heads together and work out a plan of action to leverage the Information security initiatives of user industries by appropriate cyber insurance coverage.