Cyber Insurance Market Growth: Nowadays, the insurance industry has introduced a new Cyber Insurance category. Due to an increase in cybercrime and cyber fraud. Cyber Insurance can protect your smart home device and you from cyber theft. Let’s know about the Cyber Insurance Market Growth in detail.
Table of Contents
Cyber Insurance Market Growth
In India, rapidly increasing cyber frauds for this reason some insurance companies introducing their new segment of cyber insurance. As pr reports, hospitals are also worried about their patients’ privacy data. On the policybazaar insurance platform, a 100% renewal rate for cyber insurance plans.
An insurance company says, “Cyber insurance is no longer an optional risk transfer tool, but a core component of enterprise risk management”. The banking & financial services sector becomes the largest consumer of cyber insurance.
How Cyber Insurance Protects You
Cyber Insurance protects you from online financial fraud, like bank details and as well as sensitive personal information. It can also protect your smartphones and smart home devices from cybercriminals.
Stay protected online by talking to your independent insurance agent about cyber liability insurance.#cyberinsurance pic.twitter.com/KM9XrBRXca
— Kicker Cardenas (@KickerCardenas) April 19, 2025
Cyber Insurance Plan Features and Price Table
| Feature | Individual Plan (Example) | Family Plan (Example) | Business Plan (Example) |
|---|---|---|---|
| Target | Single User | Up to 4 Members | Small Business |
| Starting Price | ₹1/day | ₹2/day | ₹5,000/year (approx.) |
| Key Benefit 1 | Digital Theft Cover | Digital Theft Cover | Data Breach Response |
| Key Benefit 2 | Identity Theft Cover | Identity Theft Cover | Business Interruption |
| Key Benefit 3 | Data Restoration | Family Cyber Safety | Legal Expenses |
| Sum Insured | ₹50K – ₹1 Crore | ₹1 Lakh – ₹1 Crore | ₹1 Lakh – ₹5 Crore |
FAQ on Cyber Insurance Market Growth
Q: What exactly does cyber insurance protect me from?
A: It can protect you from things like online financial fraud (like your bank details being stolen) and sensitive personal information being compromised. It can even cover your smartphones and smart home devices from cyberattacks.
Q: What are insurance companies saying about cyber insurance?
A: One company stated that cyber insurance isn’t just something you might need anymore; it’s becoming a fundamental part of how businesses manage their risks.
Q: Is cyber insurance popular?
Yes, it seems to be gaining popularity. One insurance platform, Policybazaar, has reported a 100% renewal rate for cyber insurance plans. This suggests that people who have it are finding it valuable.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗