The demand for Cyber Insurance Policy is increasing as awareness regarding ransomware attacks, malware attacks compromised emails resulting in huge losses for corporates increases. Additionally, the quantum of losses from Cyberattacks is also increasing with each passing year. The spate of Cyberattacks in recent years has made Cybersecurity a top priority for Indian CEOs. Companies are facing increased losses due to Cyberattacks. All this has led to increased awareness and a booming demand for Cyber Insurance Policies in India. The Cyber Insurance market is growing at a very fast rate of 35% per annum.
Recognising the increasing need for Cyber Insurance Solutions for Indian Corporates, Qian Insurance Broking has announced the launch of Cyber Security Insurance Policy for the Indian market.
Commenting post the launch of Cyber Liability Insurance Policy, Umang Shah, Co-Founder of Qian Insurance Broking said, “Today, the Cost of a Data Breach has increased exponentially reaching to an all-time high of USD4.35 million in 2022 as per IBM’s Cost of Data Breach Report. Additionally, 83% of the organisations studied had experienced more than one data breach. These losses are not small and there is an acute need to protect the organization from a Data Breach Incident. Thus, a Cyber Security Insurance Policy is an indispensable tool to protect the company from growing incidences of Cyberattacks.”
Umang Shah said,”Even big companies which have millions of dollars of IT security budget are not completely immune from Cyberattacks. In 2020, a leading diagnostic company, Lalpath Labs, left the data of millions of its customers exposed. The data contained sensitive medical records. Indigo Airlines, Inda’s largest airline disclosed in 2020 that its servers were breached which might lead to publishing of some internal documents.
Adding further, “The demand for Cyber Insurance Policies is the highest amongst Banks, Healthcare Companies and Financial Services Industry given that these businesses are at the highest risk and most vulnerable. However, even manufacturing businesses have faced Cyberattacks in recent years which led to suspension of Business Operations. Thus, even manufacturing businesses need to purchase Cyber Liability Insurance Policies.”
Umang Shah further added,” The coverage provided by a Cyber Insurance Policy in India is quite exhaustive. Cyber Liability Insurance Policy in India pays for first party liability such as E-Theft, E-Communication Loss and E-Business Interruption Loss as well as expenses for Forensic Consultants, Privacy Notification Expenses and Credit Monitoring Costs.”
Umang Shah added,”The number for Cyberattacks are going up every year. Apart from putting robust Cyber Security measures in place, businesses would also need a comprehensive Cyber Insurance Covereage to help them recover quickly post a Cyberattack. Recognising this need, Qian has launched a comprehensive Cyber Security Insurance Policy for small and medium businesses. The cost of Cyber Liability Insurance Policy in India is also reasonable with a USD 1 million cover costing approximately USD10,000 per annum.”
Qian has established partnerships with top cyber insurance companies in India to provide comprehensive Cyber Insurance Coverage to its clients. The major advantage of a Cyber Insurance Policy is that the Cyber Policy pays for a variety of costs that need to be incurred following a Cyberattack such as Forensic Costs, Data Restoration Costs, Privacy Notification expenses etc.
The Cost of Cyber Insurance Policy is also reasonable, and it is a wise investment for small and medium businesses to protect themselves against Cyberrisks. Businesses should avail a Cyber Insurance Cover with the assistance of an experienced Cyber Insurance Broker.
Qian Insurance Broking LLP is a leading insurance broker in India specializing in commercial insurance solutions to customers across the country. Qian has a dedicated team of experts for insurance products such as Directors & Officers Liability Insurance Cover, Trade Credit Insurance Policy and Cyber Insurance Policy who can assist client with availing comprehensive coverages at reasonable premiums.
Qian Insurance Broking LLP
125 – C, Mittal Court,
Opposite Inox Cinema, Nariman Point,
Mumbai, Maharashtra 400021
Phone: +91 22 22044989
Company Name: Qian
Email: Send Email
Phone: +91 22 22044989
Address:125-C, Mittai Court, Opposite Inox Cinema, Nariman Point
State: Maharashtra 400021