Cyber Insurance | Coverage, Companies, and Importance in the Face of Increasing Cyber Threats

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"Security is not a product, but a process. It's not about the technology, but about the people who use it." - Bruce Schneier



Cyber insurance is becoming an increasingly important type of insurance as the country continues to experience a growing number of cyber attacks. According to a report by the Data Security Council of India, the number of reported cyber incidents in the country increased by 44% in 2020.


Cyber insurance policies in India typically provide coverage for a range of losses, including data breaches, business interruption, network damage, extortion, and liability. For example, a cyber insurance policy may cover the costs of investigating a data breach, notifying affected individuals, providing credit monitoring services, and defending against legal claims.

Cyber Caution | Online Safety tips

Several insurance companies in India are offering cyber insurance policies to individuals and businesses. Some of the prominent companies offering cyber insurance in India include:

  • HDFC Ergo: HDFC Ergo offers cyber insurance policies that provide coverage for data breaches, cyber extortion, and other cyber incidents.
  • ICICI Lombard: ICICI Lombard offers cyber insurance policies that provide coverage for cyber risks, including data breaches, cyber extortion, and business interruption.
  • Bajaj Allianz: Bajaj Allianz offers cyber insurance policies that provide coverage for losses related to data breaches, network damage, cyber extortion, and liability.
  • TATA AIG: TATA AIG offers cyber insurance policies that provide coverage for a range of cyber risks, including data breaches, network damage, cyber extortion, and liability.
  • SBI General: SBI General offers cyber insurance policies that provide coverage for losses related to cyber risks, including data breaches, cyber extortion, and business interruption.
  • Oriental Insurance: Oriental Insurance offers cyber insurance policies that provide coverage for a range of cyber risks, including data breaches, cyber extortion, and business interruption.

One example of a company that suffered a significant cyber attack in India is the Indian government-owned Oil and Natural Gas Corporation (ONGC). In 2020, ONGC suffered a cyber attack that disrupted its operation and resulted in a loss of production. A cyber insurance policy could have provided coverage for the losses resulting from the attack.

Cyber Safety Tips

In conclusion, cyber insurance is a rapidly growing sector of the insurance industry in India, as the country continues to experience a growing number of cyber attacks. Cyber insurance policies can provide coverage for a range of losses related to cyber incidents, including data breaches, business interruption, network damage, extortion, and liability. Several insurance companies in India are offering cyber insurance policies to individuals and businesses, and it is important for organizations to evaluate their cyber risk and consider investing in a cyber insurance policy to mitigate the potential financial impact of a cyber incident.



Location: India

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