New Delhi: With growing trend in cyber attack that has huge financial implications, cyber insurance is growing at a rate of around 50 per cent in India in terms of policies sold on year-on-year basis. The growth in premium paid is stands at 35 per cent, according to the industry estimates.
It is learnt that cyber attack cases have gone up to more than 50,000 incidents till 2017. According to the latest data available data from the Indian Computer Emergency Response Team (CERT-In), an office within the Ministry of Electronics and Information Technology, “India has encountered 49,455, 50,362, and 53,081 cyber security incidents in 2015, 2016, and 2017, respectively.”
Top insurance brokers who deal with the crisis are of view that cyber risk is a top order item for any board across the globe. “It is recognised as a real threat and several risk-management measures have been adopted by the companies, depending upon their positions and requirements,” they said.
Global Insurance Brokers Chairman Prabodh Thakker said, “Cyber Insurance solution is widely accepted as a good risk transfer option. Cyber insurance being a popular product is growing at 35 per cent…
