IRDAI panel to examine need for standard cyber liability insurance product

The Insurance Regulatory and Development Authority of India (Irdai) has set up a panel to explore possibility of a basic standard product structure to provide insurance cover for individuals and establishments to manage their cyber risks.

The general liability policies do not cover cyber risks, and cyber insurance policies currently available are highly customised for clients in a new and quickly growing market.

“Hence, it is felt that a basic standard product structure is required to provide insurance cover for individuals and establishments to manage their cyber risks,” said IRDAI while announcing setting up a working group to examine the need for standard cyber liability insurance product.