Importance of Cyber Insurance in India 2023

By Okbima 16 Jan 2023 108
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What is Cyber Insurance?

Cyber insurance is a type of insurance that protects businesses and individuals from the financial losses associated with cyber-attacks and data breaches. It can cover a wide range of costs, including:

1. Data recovery

2. Crisis management

3. Notification to affected customers

4. Legal defence

5. Ransom payments

 

Why is Cyber Insurance Important in India?

India is one of the most targeted countries in the world for cyber-attacks. In fact, a recent report by Symantec found that India experienced a 457% increase in cybercrime over the past five years.

This is due to a number of factors, including:

1. The rapid growth of the Indian economy

2. The increasing adoption of digital technologies

3. The lack of awareness and preparedness among businesses and individuals

As a result, cyber insurance is becoming increasingly important for businesses and individuals in India.

 

What is Included in Cyber Insurance?

Cyber insurance policies vary depending on the insurer and the specific needs of the insured. However, most policies will cover the following:

1. Data recovery: The cost of recovering data that is lost or encrypted as a result of a cyber attack

2. Crisis management: The cost of managing the public relations fallout from a cyber attack

3. Notification to affected customers: The cost of notifying customers whose personal information has been exposed in a data breach

4. Legal defence: The cost of defending against lawsuits filed by customers or third parties as a result of a cyber attack

5. Ransom payments: The cost of paying a ransom to cybercriminals in order to decrypt data that has been encrypted

 

What is Excluded from Cyber Insurance?

Cyber insurance policies typically exclude the following:

1. Bodily injury or property damage: Cyber insurance does not cover claims for bodily injury or property damage caused by a cyber attack

2. Fines and penalties: Cyber insurance does not cover fines and penalties imposed by regulatory bodies as a result of a cyber attack

3. Intentional acts: Cyber insurance does not cover claims that are the result of an intentional act by the insured

 

Should You Buy Cyber Insurance in India?

Yes, you should buy cyber insurance in India. Cyber attacks are rising in India, and businesses and individuals of all sizes are at risk. Cyber insurance can help you protect your financial assets, your data, and your reputation in the event of a cyber attack.

 

Buy Cyber Insurance with Okbima

Okbima is India's leading online insurance marketplace. We offer a wide range of cyber insurance policies from leading insurers in India. You can compare cyber insurance policies from different insurers on Okbima and choose the policy that is right for you.

To buy cyber insurance with Okbima, simply visit our website (Ask an Our Expert) and enter your basic information. We will then provide you with a list of cyber insurance policies that are available to you. You can compare the policies and choose the one that is right for you.

Okbima offers a quick and easy way to buy cyber insurance in India. We also offer a variety of other insurance products, such as health insurance, life insurance, and car insurance.

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