Introduction: –

As Work from home has exposed many systems and networks to the cyber-attacks. General Insurance Company has witnessed a sudden spike in the demand of cyber insurance policy from various industries.

Facts: –

Tata AIG General Insurance Company Limited sold 14 specialised Cyber Insurance policies with sum insureds ranging from Rs 5 crore to Rs 75 crore in April 2020, which is double the number sold in the same month last year.

Bajaj Allianz General Insurance has also seen a 20% increase in cyber insurance business and the average monthly sales of cyber insurance policies compared to the previous year.

ICICI Lombard General Insurance has registered a 30% growth in the number of policies underwritten in the last few months. Considering the exposure ICICI launched a retail cyber insurance policy which provides coverage to the entire family, including children for a duration of one year

Industry Wise Demand: –

Besides large IT companies, SME’S and big factories have faced the havoc and aftermath of cyber-attacks. Many companies have presented a request for coverage of employee’s laptop and third-party service providers as organizations move their IT applications and databases to cloud platforms. There is also increase demand to enhance the limit of running cyber policy.

Lockdown and cyber-attack: –

Cyber security attacks and breaches in the country have jumped by as much as 500% since the lockdown was first announced in March, according to security experts. Also, the Indian Computer Emergency Response Team (CERT-In), the government’s nodal cyber security agency, had put out an advisory against possible phishing attacks during lock down specially on hospitality, educational, manufacturing sectors, including SMEs.

Types of Losses and costs which may be incurred due to Cyber-attacks: However, the following list is not exhaustive in nature: –

• Business interruption
• Cyber extortion (Selling information)
• Software restoration
• Forensic expenses
• Cyber Investigation cost
• Response Cost
• Reputational Cost

We have a number of different options available to protect your business. We at Beacon Insurance Broker Understands the exposure of your Cyber data or security in the best way possible to avert cost and losses by covering abovementioned exposure along with our tailored cyber coverage’s; we additionally cover all other related exposure in detail with our detail-oriented professionals.