Indian banking industry increases their cyber insurance cover in FY24

The increase in cyber related incidents, frequency of claims and enhanced regulatory focus is nudging banks to increase cyber insurance cover. The coverage by banks and financial institutions increased by nearly 8 per cent in 2023-24 as compared to the previous financial year, according to insurance brokers.

The cyber insurance claims ratio by the banking industry in India has increased to over 50 per cent in financial year 2022-23 as compared to 40 per cent in financial year 2021-22.