India’s cyber insurance demand up 50%

January 5 2018 by InsuranceAsia News Staff

Indian companies have started to take action over the effects of cyber attacks and data breaches in their businesses, according to recent cyber insurance data.

Mumbai-based Marsh India said about 250 companies, including top state-run lenders, have bought cyber insurance cover in 2017, up 50% from 2016.

Insurers further expect the demand for cyber risk insurance in India to rise with the increasing incidence of attacks.

Cyber liability insurance has been around in the international markets for some time, but it was only three years ago that Indian insurers started writing this type of business.

Marsh India said cyber risk is now the most discussed risk topic area in the country’s board rooms.

Currently, the size of cyber premiums is Rs2 billion but that is expected to grow to Rs4 billion in the next two years.