Why ULIP mis-selling has become rampant ?

Covid-19 has created many challenges for people across the world. As the world began its battle against the invisible enemy, the professional space and its dynamics took a much sharper turn. Working from an office with colleagues was no longer an option and remote working became the new norm. Companies across the globe had to accommodate the “work from home” culture and further enable employees to work safely without compromising with their work.

Data security and online fraud during work-from-home

The onset of the pandemic in early 2020 led to the closure of most workspaces. People began working from their homes. The excess reliability on digital platforms added risks of data theft along with other cybercrimes.

Cybercrimes consisting of sophisticated cyber-attacks have been on the rise globally during the pandemic period following the lockdowns across several countries.

Findings

The scenario in India is not much different. As per a recent report by global consumer cybersecurity leader Norton LifeLock, over the past 12 months, nearly 59% of Indians over the age of 18 have been a victim of cybercrime in one way or the other. A whopping 1.3 billion hours were spent collectively by these victims seeking resolution of their issues.

The report surveyed over 10,000 adults across 10 countries including India. As per its findings, over 36% of Indian adults said their accounts or devices were accessed by unauthorised entities. Over 45% of Indian consumers have said that they have been victims of identity theft, with 14% of them being impacted in the past year itself. In terms of numbers, the report adds that overall 27 million Indian adults have faced identity thefts in the past one year.

Majority of these criminal activities ensued after people began working from home. The study suggests that seven in 10 Indian adults pin the blame on remote working saying that it has made it much easier for hackers and cybercriminals in carrying out their exploits.

The financial stability board (FSB), an international body that coordinates financial rules for the G20 nations, has observed that financial firms across the world may need to strengthen their defence against the rising cyber-attacks that are being carried out globally.

FSB observed that remote working since the beginning of the pandemic has led to cybercriminals finding more opportunities. It said that cases of cybercrime including phishing, malware, and ransomware attacks skyrocketed from under 5,000 per week in February 2020 to more than 2,00,000 per week in late April 2021.