Cyber Insurance in India

Published: April 26, 2019

As threat surfaces continue to expand due to rising digitization, Cyber Risk Management becomes crucial. While most MNCs and large corporations (BFSI, IT-BPM, Energy sector) in India highlight the adequacy of their spending on cyber security products and solutions as a means to safeguard businesses, none can really assure complete security as attacks seem to get sophisticated by the day.

This is where Cyber Insurance can serve as a risk management and mitigation strategy, having a corollary benefit of improving the adoption of preventive measures (products, services and best practices). Cyber Insurance products are designed to mitigate risk exposure by offsetting costs, after a cyber-attack/breach.

Cyber Insurance global market is expected to grow at a CAGR of 27% from 4.2 Bn to 22.8 Bn from 2017 to 2024. In India, it’s at a nascent stage with 350 policies sold till 2018 but with a high adoption rate of 40% Y-o-Y growth from 2017 to 2018. IT/ITES and Banking & Financial Services are early adopters with newer demands from manufacturing, pharma, retail, hospitality, R&D and IP-based organisations.

The report succinctly captures the overall Cyber Insurance market insights globally and of India, drivers and challenges, and important prerequisites to make an informed decision. It attempts to serve as a reference for all key stakeholders involved in the process such as buyers, carriers/insurance providers, technology firms, brokers, Govt. /regulatory bodies and associations.

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Cyber Insurance in India

 
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