The Insurance Regulatory and Development Authority of India (Irdai) released the model cyber insurance policy guidelines earlier this week, for general insurers. The regulator has asked insurance companies to provide cover against monetary loss because of cyber fraud, unauthorised transactions, email spoofing, etc.
According to the Irdai document, cyber risks have risen 500 per cent since March 2020. Cyber insurance is among the best risk management instruments for individuals and organisations to protect from cyber frauds, data theft, malware, etc. Utsav Trivedi, partner, TAS Law …