Demand for Cyber insurance in India rises by 50%
Although Indian insurers have started the business of Cyber liability insurance only three years now, it's been there around the world since a decade.
About 250 companies, including some of the top state run banks, have bought cyber insurance cover, which is 50% more than what was sold in the past year. With rising attacks, insurers expect robust future demand for the cyber risk insurance in India, reports ET.
According to the report, Marsh India, a Mumbai-based insurance broking firm with a large share in the cyber segment, saw a 50% increase in companies buying cyber security cover in 2017 compared with 2016.
Although Indian insurers have started the business of Cyber liability insurance only three years now, it's been there around the world since a decade.
The insurance covers losses arising from a cyberattack or incident of data breach. Mostly banks and e-commerce companies have been buying large covers.
The size of cyber insurance premium is Rs 200 crore and is expected to grow to Rs 400 crore in the next couple of years. There is á huge demand for cyber insurance policies after the telecom revolution and various initiatives have pushed increasing digitisation of the economy.
"Cyber insurance is going through a similar phase of active dialogue which we saw for directors' and officers' liability insurance in India 15 years ago," Sanjay Kedia, country head, Marsh India, told ET.
