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.