Summary
Organisations and businesses are seeking broader risk management tools such as cyber insurance to mitigate the repercussions of cyber threats. India is one of the fastest-growing regions in terms of cyber insurance uptake. Challenges include rapid shifts in the threat landscape which makes it more difficult for both insurers and insured to catch up with emerging threats and exclusion clauses relating to state-sponsored terror attacks and terrorism.
As organisations increasingly digitise their operations, they find themselves vulnerable to cyber attacks resulting in financial losses. IBM Security’s ‘Cost of a Data Breach Report 2023’ noted that the global average cost of the breaches reached an all-time high of US$ 4.45 million, a 2.3 per cent increase from the previous year.1 The report also highlighted the need for better threat detection, as only one-third of companies discovered the data breach through their own security teams. The remaining were informed either by a third party or by threat actors themselves. The data breach lifecycle, which is defined as the time to identify and contain a data breach, was reported to be 277 days. These figures…
