40% growth in ‘cyber insurance’ in India during 2018, 350 policies sold so far: DSCI report

New Delhi, Apr 26 () ‘Cyber insurance’ category has seen a 40 per cent year-on-year growth in 2018 in India as increasing cyber security threats and challenges are prompting organisations to opt for such solutions to offset financial liabilities in case of a breach, the Data Security Council of India (DSCI) said in a report.
Cyber insurance market globally is expected to grow at a CAGR of 27 per cent from USD 4.2 billion (about Rs 29,400 crore) in 2017 to USD 22.8 billion (about 1.59 lakh crore) in 2024, the report said.

India, which is still in its nascent stage of adoption, saw a 40 per cent year-on-year growth from 2017 to 2018, with about 350 cyber insurance policies being sold so far, it added.

Cyber insurance is designed to cover the fees, expenses and legal costs associated with cyber breaches that occur after an organisation has been hacked or from theft or loss of client/employee information.