Increased awareness, digital threat drives cyber insurance demand

Cyber-attacks on rise post pandemic; Nearly 40% growth in cyber policies in 2023

A spurt in cyberattacks and an increased awareness about such crimes have contributed to a rise in demand for cyber insurance policies. The uptick in such incidents has also led to a spike in claims for insurance companies, leading to a strengthening of underwriting parameters.
 

According to industry estimates, the number of cyber insurance policies sold in 2023 so far are 35-40 per cent higher than 2022.
 

Experts attribute a heightened awareness about the risks for a jump in sales of insurance policies. “We see the increase in cyber-related incidents and awareness about them as reasons behind a higher demand