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Tepid demand for cyber insurance policies despite steep rise in attacks

Experts see signs of change because of heightened awareness and increase in enquiries

Cybersecurity, cyberattack, hacking
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Cyber insurance policy covers ransomware attacks and ensuing damages which include: ransom payments; data restoration costs in case the data is lost; forensic and other first party costs; and loss of profit arising out of business interruption.

Subrata Panda Mumbai
The rise in cyberattacks against institutions appears not to have led to a concomitant increase in demand for cyber insurance policies.

Recently, services at the All India Institute of Medical Sciences (AIIMS), Delhi, were affected for over 10 days because of a ransomware attack.

According to experts, the heightened awareness of the risks stemming from cyberattacks has resulted in a manifold rise in enquiries, but companies haven’t been rushing to buy insurance policies.

The increase in awareness stems from the huge increase in attacks. According to government data, there were 674,021 cyberattacks till June, which translated to around 3,700 attacks a day. According

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First Published: Dec 02 2022 | 8:44 PM IST

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