IT companies and financial institutions are top buyers of cyber insurance, said the report, adding that the premium paid for such covers vary from Rs 4.5 lakh to Rs 80 crore a year. Other buyers of such policies are companies in pharma, retail and hospitality, as also R&D and IP-based organisations.
Large IT services companies buy the highest insurance coverage, seeking cyber liability for about Rs 1,400 crore ($200 million). Large public/private sector banks buy coverage for cyber risk of Rs 350-700 crore ($50-100 million), said the report. Manufacturing companies don’t foresee risk/liability beyond Rs 100 crore.
Apart from hacking, changing global regulation is also prompting companies to get insured, said experts. “Prominent data breach events in the US (the most attacked country) and…
