Cyber insurance in India: Navigating risks and opportunities in a digital economy has been saved
Cyber insurance in India: Navigating risks and opportunities in a digital economy
We, at Deloitte, tried to understand the potential of cyber insurance as a risk mitigation strategy and the challenges inhibiting the growth prospects of this still-emerging market in India. To substantiate our insights and perspectives, we conducted a survey capturing responses from Chief Information Security Officers (CISOs) from a diverse set of India-based companies. The survey helped us gauge their understanding of cyber insurance and willingness to buy a policy. Issues such as ambiguity associated with technical details, the dilemma of pricing a product, and the buyers’ paradox, could explain several of our observations.
The cyber insurance market has evolved over the years to meet the demand for mitigating losses due to cybercrimes. Cyber insurance offerings help entities that are digitising to cover the costs of recovery and damages in the event of cyberattacks. Globally, the size of the cyber insurance market is about US$ 12.83 billion in 2022.8 Over the next seven years, the market will grow at a CAGR of 25.7 percent to US$ 63.62 billion in 2029.
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