In a world driven by technology, the internet has become a staple in our daily lives. Tech Giants across the globe have invested billions of dollars to curate a network of devices that drives you to utilise their ease of usage and access through the power of the internet. This has led to a stark increase in the utilisation of heavy bandwidth and data across the globe, causing people to invest in broadband and fiber connections that offer strong reliable data at cheaper and more affordable costs. But your home Wi-Fi can't accompany you on your next trip out of the house. This results in you craving those sweet unlimited data packs while not shelling out the seemingly hefty prices of your limited mobile data plans. Thus, you give in to your cravings and indulge in a free public Wi-Fi hotspot nearby that may expose your system to the cyber security risk that occurs while using public wifi. But here is why that Wi-Fi toggle might cost you a lot more than you might think. 

Public Wi-Fi's can be found in a number of locations, be it your nearby fast-food restaurant or even a transport hub like the railway station or the airport. These areas boast the lure of “Free Wi-Fi" but the cost of scouring your social media on these networks might be your privacy. Public Wi-Fi hotspots are often used as hunting grounds by attackers and hackers who can join into the same open Wi-Fi network you are enjoying and steal valuable private data that can pose imminent future problems. You can stop them to some extent by using a phishing alert system on your phone.

Types of Cyber security risks while using Public WiFi Hotspot

1. Man in the middle attacks

   One of the most common examples of these attacks is known as “Man in the Middle attacks”. This is essentially a technique in which an attacker eavesdrops on your conversations between your device and the internet server by stealing the data between those two junctions. The most troubling aspect of these attacks are that these are undetectable to an untrained eye, and can prove deadly to your private log in details or even your bank account credentials. 

2. Malware Distribution attacks

   Another major attack that is rampant in these cases is a Virus or Malware distribution attack, where a hacker can inject a backdoor to your phone or computer’s operating system and can trigger it whenever he/she desires, causing each and every personal data string on your device be subjected to being stolen or misused. This is deadlier than a “man in the middle” attack because once the virus is injected into your device, the hacker can exploit this backdoor even if you are not connected to the same public Wi-Fi network, making it easier for the attackers to steal vital information whenever they feel like it. 

3. Cyber stalking

   Attackers can also utilise these free Wi-Fi zones as stalking areas whereby utilising special software and gadgets, they can see in real time each and every website you are accessing from the confines of your personal device. Almost every public hotspot remains unencrypted, and therefore attackers can even check messages or files you have sent while using the Wi-Fi network, and can accomplish additional crimes like identity theft and bank frauds easily and frequently without even running the risk of being traced or detected. 

Analysing these aspects of attacks and exploits that are achievable just through an open Public Wi-Fi hotspot really puts into focus the value of privacy and good decision making in our daily lives. Just by indulging in a few minutes of online shopping or having a chat with a friend to pass some time, you are leaving yourself vulnerable at the mercy of hackers and attackers who won’t think twice before emptying your bank accounts and misusing your login credentials in a matter of seconds. Seems like a very hefty price to pay for a few minutes of free internet. 

Tips to secure your system while using a public Wifi Hotspot

Here are some methods through which you can better protect yourself from the cybersecurity risks while using public Wi-Fi:-

a) If you are signing up for public Wi-Fi access, don't share your personal information and avoid accessing websites where you are required to enter any log-in or financial information such as your internet banking accounts or transactions on e-commerce sites. 

b) Restrict hackers from accessing your files stored on your personal device through the open Wi-Fi network. You can do that by going to Network and Sharing Center on your PC, then Change advanced sharing settings and then Turn off file and printer sharing. 

c) Using a VPN is one of the most effective tricks to secure yourself from a potential data leak as it encrypts the data accessed by your device and makes it harder for people on the network to track your activities. 

d) Turn off “Auto-connect to WiFi networks” on your device to prevent your personal device to automatically connect to a nearby unsecure public WiFi hotspot. 

e) Only visit credible sites using HTTPS (indicated by a lock sign in the address bar) as these are secure sites that use an added encryption to ensure that your data doesn't fall into the wrong hands.

You know this already that Virtual is the new life. Be it News, Entertainment, and Oh, Shopping, everything has shifted online. It has become almost impossible to not get our personal information like email, name, mobile number exposed to online world.

Every e-commerce company, these days, has your card details. Wonder what the effects might be once their databases are compromised? Well, let’s not forget the recent data breaches that have taken place in companies. And there you need to know about cyber insurance in India and things it covers.

Need of a Personal Cyber Insurance

Cyber-attacks and their impact on business are in the limelight right now and data breaches have been around for quite some time now. There is a lot that goes out to the reach of the fraudsters such as your email, card details, mobile number, and addresses.

Let’s look at some of the very massive and huge data breaches that took place.

• In April 2021, Facebook data leak of 533 million users
• In April 2021, breach of 500 mn Linkedin users
• In February 2019, account details of 422 mn SBI customers compromised

Definitely the fraudster is not going to wait now that they have the information they need to move ahead.

Let’s talk about the after effects.

If a business undergoes a cyberattack, there are two risks that comes in parallel: the cost of handling it and the reputational.

Going back to a study done by Accenture and the Ponemon Institute in 2018, the average cost of a malware attack on a company is over $2.5 million and it takes more than 50 days to recover from the attack.

Speaking of recovery, it is pretty normal for businesses to proceed with cyber insurance that will endure their losses and help them recover. Rising cases of cyber threats explain the need for cyber insurance companies in India.

Beyond just businesses, do you think individuals are safe? Are you safe?

Now that every tiny personal detail is out in the air, it is very obvious before a fraud trade gets placed with you.

Wondering what to do? / How to protect yourself from being exposed to financial losses due to cyber crimes? As we said, we have the answer and i.e. – Cyber Insurance.

Just like businesses, individuals can also opt for cyber insurance plans. Most of the insurance companies in India offer retail cyber insurance plans.

This is a new concept in India and you might be wondering, is there a need for Cyber Insurance? Or is it just a western fad trying to make its way to blend in?

We have answers and we don’t want to keep all the knowledge about Cyber Insurance with us. So, you know what to do, right?

Keep Reading!

Personal Cyber Insurance in India – What is it?

Retail or Personal Cyber Insurance, as the name says is an insurance policy that has been designed to ensure financial safety of individuals from digital frauds carried out through phishing, malware or sim-jacking.

Annual premium varies depending on the protection cover you tak. Premium is not subject to the age of policy holder as it is in the case of life or health insurance.

Some plans not only cover monetary losses but also provide cover against legal defence cost. They also cover third party loss as cyber data breach of an individual may lead to monetary loss of others too.

How Personal Cyber Insurance is helpful?

For starters, if you have the policy, it will help in providing potential coverage of losses from the attack and will help you recover from it, in ways big or small.

However, one thing that you must know about Cyber Insurance is its objectives and the protection it will offer. The best practice is to understand the coverage before signing up for the scheme.

Recently, Global cyber insurance industry was valued at $7.8 billion in 2020 and is making a swift growth at 21% CAGR extending its reach to $13.9 billion in 2023 and $20.4 billion in 2025.

You can clearly see the growth rate of this industry compared to other insurance products/options.

Let’s address the elephant in the room as well when we are mentioning ‘’cyber threats’’ and ‘’cyber attacks’’. It is significant that people understand and have the required knowledge of how cyber insurance is a boon to both i.e., their business and to them.

Cyber Insurance – Why Do You Need It Though?

Before you get any ideas, ladies and gentleman, Cyber Insurance isn’t some silver bullet that aims to take care of your cybersecurity issues. No No.

But having an insurance plan than not having it is a good idea especially when your hard-earned money is at stake. It is like having a safety net which aims to safeguard you in case you go through a loss via cyber threats.

There’s More

The Pandemic has certainly taken a toll on online payments. With more and more individuals moving to the digital means for processing payments, cyber threats have made their way.

With an increase in individuals browsing social media websites for entertainment, there is also an adverse increase of incidents like cyber-attacks, spyware, phishing emails, and so on.

According to a survey of Indian consumers by FIS in April 2021, 34% of participants reported financial fraud over past 12 months. This figure rises to 41% for those in the age group of 25-29 years.

You probably could be the next victim of a cyber threat. You never know, do you? Better safe than sorry!

This is where cyber insurance comes in.

Regular Cyber Insurance Plans in India Vs FinLock

While you can buy a regular cyber insurance from insurers such as ICICI Lombard or HDFC Ergo, FinLock also offers cyber insurance along with other features.

Let’s look at the comparison for both the options.

The above comparison pretty much gives you an insight on a regular cyber insurance vs Finlock.

Regular cyber insurance is a great way to recover your losses when you have been struck by a fraud. Finlock has so much to offer in addition to its comprehensive protection.

FinLock detects various types of fraudulent attempts on your smartphone and alerts you in real-time, thus preventing frauds from happening.

In case fraud does happen, complete post-fraud support is provided. Post-fraud moments are very traumatic for a victim as they need support and guidance on what to do next. FinLock has been designed for the best customer experience.

Touchpoint

Cyber Insurance, as mentioned earlier is a safety net and having a safety net always adds to sense of relief, doesn’t it?

Alternatively, to prevent yourself from falling to cyber-attacks, you can easily top it off with the layer of preventive measures from FinLock and keep yourself safe.

All of it sounds good, no? Why not start inculcating it in real lives too?

One of the most transformative changes in the world of global finance is the emergence of digital banking on smartphones in recent years. This has truly revolutionised the way people utilise their banking services, with almost every major financial service now being hosted on a dedicated mobile application or platform.

But these ease-of-access changes that are slowly taking over the financial world don't come without their vulnerabilities. Multiple cyber frauds utilise the minuscule cracks in the newly formed online banking systems to steal personal and financial resources from innocent victims. Banks have tried to curb these online frauds by introducing safety measures like two-factor authentications and One-Time Passwords (OTPs) to ensure safety in making online transactions. But what would happen if these same safety features provide a backdoor for fraudsters to gain access to the victim’s bank accounts? What is a SIM card Swap fraud?

SIM swap scams are one of the newer forms of online frauds that are taking over the world of online banking, with a number of high-profile hacks being done to gain access to the personal data of well-known individuals through an elaborate scam. It came into focus after the infamous hacking of Twitter CEO Jack Dorsey's Twitter account in 2019 through SIM Swap. Several major cases have followed, ranging from accessing online social accounts to losing millions of dollars through a SIM swap fraud in recent years. India has also seen an exponential rise in these scams, with people losing millions of rupees through these scams.

How does SIM swap attack affect you?

A SIM swap or simjacking is a fraud that basically involves a scammer gathering personal information about you often through social engineering or phishing and then getting in touch with your mobile carrier to report your SIM card as stolen.

In another technique, scammer may call you posing as a telecom representative and offer you to upgrade your 3G SIM to 4G or to upgrade your SIM to an eSIM. This would require you to send an SMS request to telecom operator. You will be deceived into initiating this SIM change request from your phone.

These techniques allow the scammer to obtain a new SIM card with your telephone number using the personal data that they stole from you previously. With your phone number in their hands, they can now gain access to all your financial data, including OTPs and password resets, and can also easily transfer funds from your bank into their own account. The worst part about this is that they can carry out every step of the SIM swap scam without even sounding any alarms. On activation of the new SIM, your phone will stop working and you will not be aware of any transactions made by the scammers in your bank accounts.

Signs that you might be a victim of a SIM card swap fraud

1. Unable to place calls or send texts: - If you are suddenly expressing difficulty in placing calls or sending texts, chances are that fraudsters might have deactivated your SIM and currently have access to your phone number.
2. Service provider warning: - If your telecom provider notifies you that your SIM card or phone number is active in another device or that they have received a request to replace/upgrade SIM, there is a chance that you have fallen victim to a SIM swap attack.
3. Unable to access accounts: - If log-in credentials on your bank or other online accounts have suddenly stopped working, fraudsters may have changed your passwords and gained access to your accounts through a SIM swap attack.

What to do in case of a SIM Swap fraud?

1. Contact Telecom operator: - Immediately contact your telecom operator and block your SIM to prevent fraudster from making any new transactions.
2. Inform your bank: - Inform your bank about your SIM swap attack and check recent transactions. Report if those transactions are not made by you. You can also block your cards, accounts to prevent any transactions.
3. Complaint to Cyber cell: - Within 2 hours of discovery of fraud, you can call helpline 155260. After 2 hours, you can file the complaint on National Cyber Crime Reporting Portal. You can also report to your local cyber cell.

How can you prevent SIM Swap attacks?

There are multiple ways through which you can protect yourself from falling victim to a SIM swap fraud.

1. Awareness: - Be aware about sharing personal information with other parties and avoid making your personal phone number public in online communities.
2. Online behaviour: - Be wary of phishing emails and fraudulent text messages or calls as they can source personal data about you by posing as a member of a prominent organisation.
3. Bank and carrier alerts: -Keep track of alerts sent by your bank or mobile carrier as they can help you identify if your phone number and/or bank account has been compromised by a scam.
4. Mobile network: - Losing mobile signal on your device is one of the first warning signs of a possible SIM swap attack. Pay attention to the carrier signal and other text alerts by your service provider that can alert you about a recent SIM swap on your phone number.
5. Diversifying security options: - Avoid keeping your phone number as the sole recovery option for your online accounts and try using a separate email account that is not linked to your phone number to make it harder for a scammer to gain access to all your online accounts through a single SIM card swap.
6. Authentication apps: - Try using dedicated authentication apps by Google or Microsoft that provide you with two-factor authentication without forcing you to rely on your phone number and OTPs to gain access to your accounts.
7. Security apps: - Experts agree that one of the best ways to protect yourself from online frauds like SIM card swaps is by utilising an advanced security app like FinLock that can help you protect your personal and financial information and secure you against falling victim to multiple online scams and frauds. It also alerts you in case a request has been made from your phone to upgrade or change your SIM.

Conclusion

Rising number of online frauds like SIM card swaps has been affecting the lives of thousands of innocent people on a regular basis. The best way to protect yourself while enjoying the growing digitisation of banking services in countries like India is to be aware and take all the preventive steps to safeguard your online identity.