Cyber Insurance Policy Renewal Rate stands at a whopping 100%
Nearly 100% of cyber insurance clients are renewing their policies. Businesses now recognise the recurring and evolving nature of cyber risks, leading to regular policy renewals. Cyber insurance is no longer seen as an optional risk-transfer tool but as a core component of enterprise risk management.
Companies with turnover over ₹10 Cr leading Cyber Insurance adoption; BFSI and Tech sectors at the forefront
Cyber insurance adoption is concentrated in five key industries, primarily among businesses with annual turnover exceeding ₹10 crore. The breakdown of industry-wise adoption is as follows:
- BFSI (35-40%): The financial sector is the largest consumer of cyber insurance, given its high exposure to financial fraud, data breaches, and regulatory scrutiny.
- Technology & IT (30%): IT firms manage vast amounts of customer and enterprise data, making them prime targets for cyberattacks.
- Startups (25%): Investor requirements and contractual obligations are key drivers of insurance adoption.
- Healthcare (5%): Sensitive patient data and ransomware threats are pushing adoption.
- Logistics (5%): As digital supply…
