Cyber insurance queries spike

Enquiries for cyber insurance has increased by 60-70% since the COVID-19 pandemic began and sales of cyber insurance policies have increased by 20% over the same period, reported BloombergQuint.

Indian banks, financial services companies and businesses in other economic sectors are boosting their cyber insurance cover at a time when businesses have become increasingly reliant on digital technologies.

Mr Sanjay Datta, chief of underwriting, claims and reinsurance at ICICI Lombard General Insurance, told BloombergQuint that the cyber insurance market is growing by 40% year-on-year

He said clients are seeking higher coverage this year compared to previous years, as organisations adopt a work from home model because of the pandemic. This increases the risk of organisations being hit by cyber attacks as employees are working on unsecure home networks.

Furthermore. in the financial sector, cyber insurance requests from cooperative banks have increased as the Reserve Bank of India has instituted tougher cyber security standards.

Source: Asia Insurance Review

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