Pune: A number of unsuspecting residents have been targets of cyber scams shedding crores of rupees to glib talkers and cyber criminals. Only a few of those crooks have been apprehended and victims can solely despair.
Nonetheless, folks like Kunal Bhatia, who trades in cryptocurrency, have determined to purchase an insurance coverage coverage to guard themselves from any monetary fraud.“I’m continuously wired aboutweb scams particularly due to crypto. Many pals have been victims of internet traps,” he stated.
Insurance coverage firms now provide cowl for cybercrimes, each for people and corporates. They’re shopping for insurance policies to keep away from shedding cash from cyber extortion, phishing and on-line transaction frauds.
Cyber insurance coverage, although nascent in India, has see good acceptance amongst SMEs and bigger purchasers.
“As our purchasers are enterprise purchasers we took cyber insurance coverage very early in our journey, virtually 3-4 years in the past. We now have not made any claims up to now,” Shameel Abdulla, CEO of Clootrack, stated.
T A Ramalingam, chief technical officer, Bajaj Allianz Normal Insurance coverage, stated that there’s a quantum soar in curiosity for getting a cyber insurance coverage coverage.
“We’re seeing a giant curiosity from corporates within the IT, ITes, BFSI and manufacturing phase choosing these insurance policies. Nonetheless, adoption of those insurance policies just isn’t as a lot accurately as a result of lack of information,” he added.
Yogesh Agarwal, founder and CEO of Onsurity, stated that their cyber insurance coverage insurance policies provide complete safety, with premiums beginning at Rs 50,000 for a protection quantity of Rs 1 crore.
“Onsurity’s cyber insurance coverage product is tailor-made particularly for startups and SMBs, and we’re seeing a wholesome demand,” he added.
Evaa Saiwal, enterprise head (legal responsibility, cyber and monetary threat) of Policybazaar stated that they’ve seen a 30% to 40% progress in new cyber insurance policies from the SME phase.
“These insurance policies are costly to purchase. Owing to the elevated threat and variety of cyber frauds, premiums for these cyber insurance policies have virtually doubled for the reason that pandemic,” she added.
For instance, for an insurance coverage cowl of Rs 100, the premium payout is 0.7% on a median, this was 0.4% simply earlier than the pandemic, Saiwal stated.
Hiten Kothari, appointed actuary of HDFC ERGO Normal Insurance coverage, stated that earlier it was once BFSI firms that was once focused by hackers, however now lots of manufacturing firms have been getting caught in cyber crimes due to low tech safety infrastructure.
“We continuously consider cyber exposures of our shopper, advise them on occasions which can be occurring globally, that might result in a lack of model worth or buyer information,” he stated.
HDFC ERGO has seen a 25% to 30% improve in quite a lot of new company cyber insurance policies. Its retail cyber coverage was launched in 2020 and is comparatively new available in the market.
On the flipside, many firms say that it isn’t simple to buy cyber insurance coverage. Insurance coverage gamers are actually engaged on streamlining the acquisition course of and lowering the onboarding time for brand spanking new insurance policies.
“Buying cyber insurance coverage in India is cumbersome, and its onboarding isn’t digital. The complete strategy of cyber insurance coverage, from sign-up to claims, ought to be streamlined,” Sarthak Dubey, co-founder of Mitigata, stated.

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