The Global cyber insurance market is expected to grow at a CAGR (compound annual growth rate) of 27% from $4.2 billion in 2017 to $22.8 billion in 2024, claims a new report by Data Security Council of India (DSCI), released at a FINSEC Conclave 2019 for Banking and Financial Sector on April 26.
“Cyber risk, data breaches and its consequent financial liabilities, looms large on the rapidly evolving Digitisation momentum of every sector and business. Cyber insurance is proving to be a key tool in the risk management and cost-offsetting arsenal of an enterprise and at the same time scaling up the prevention and protection measures,” said Rama Vedashree, CEO, DSCI in an official press statement.
While the adoption in India is still very limited, the demand for cyber risk insurance is growing. India registered a 40% year-on-year growth from 2017 to 2018, at a time when Indian companies were facing one of the worst ransomware attacks in history, resulting in days of disruption to business operations. About 350 cyber insurance policies have been sold so far, claims the report.
Companies in the IT/ITES (Information Technology/Technical Entry Scheme) sector, along with Banking and…
