Information And Cybersecurity Guidelines 2023

Introduction

The insurance sector, both in India and worldwide, has long been a potential target for cyber-attacks, due to the vast amount of sensitive data held by Insurers and insurance intermediaries pertaining to their prospects and policyholders, including personal and financial data. Driven by advancements in IT infrastructure over the past decade, popularisation of cloud infrastructure and internet tools, and remote work arrangements necessitated due to the COVID-19 pandemic, the insurance sector in India has also seen shifts towards digitalisation in order to streamline their operations, increase business efficiencies and enhance the related customer experience. However, the shift is also recognised to have made the insurance sector more vulnerable to cyber threats.