The demand for cyber insurance policy is increasing as the awareness of ransomware attacks, malware attacks compromise emails leading to huge losses for businesses. Moreover, the quantum of losses due to cyberattacks is also increasing year by year. The wave of cyberattacks in recent years has made cybersecurity a top priority for Indian CEOs. Businesses face increased losses due to cyberattacks. All of this has led to increased awareness and growing demand for Cyber Insurance Policies in India. The Cyber Insurance market is growing at a very fast rate of 35% per year.
Recognizing the growing need for cyber insurance solutions for Indian businesses, Qian Insurance Broking has announced the launch of a cyber security insurance policy for the Indian market.
Commenting after the launch of the cyber liability insurance policy, Umang Shah, co-founder of Qian Insurance Broking, said, “Today, the Cost of a data breach grew exponentially to an all-time high of $4.35 million in 2022 according to IBM’s Cost of Data Breaches report. Additionally, 83% of organizations surveyed experienced more than one data breach. These losses are not small and there is an urgent need to protect the organization against a data breach incident. Thus, a cybersecurity insurance policy is an indispensable tool to protect the company against the growing incidence of cyberattacks.
Umang Shah said, “Even large enterprises with multi-million dollar IT security budgets are not completely immune to cyberattacks. In 2020, a leading diagnostic company, Lalpath Labs, has left the data of millions of its customers exposed. The data contained sensitive medical records. Indigo Airlines, Inda’s largest airline, revealed in 2020 that its servers had been hacked, which could lead to the publication of some internal documents.
Further adding, “The demand for cyber insurance policies is highest among banks, healthcare companies and the financial services industry as these companies are the most at risk and vulnerable. However, even manufacturing companies have faced cyberattacks in recent years, leading to suspension of business operations. Thus, even manufacturing companies must buy cyber liability insurance policies.”
Umang Shah added, “The cover provided by a cyber insurance policy in India is quite comprehensive. Cyber liability insurance policy in India pays first party liability such as electronic theft, loss of electronic communication and loss of electronic business interruption as well as expenses of forensic consultants, notification expenses confidentiality and credit monitoring costs.
Umang Shah added, “The number of cyberattacks is increasing every year. Apart from having robust cybersecurity measures in place, businesses would also need comprehensive cyber insurance coverage to help them recover quickly from a cyberattack. Recognizing this need, Qian launched a comprehensive cybersecurity insurance policy for small and medium-sized businesses. The cost of cyber liability insurance policy in india is also reasonable with $1 million coverage costing around $10,000 per year.
Qian has partnered with the best cyber insurance companies in India to provide comprehensive cyber insurance coverage to its customers. The main benefit of a cyber insurance policy is that the cyber policy pays for a variety of costs that must be incurred as a result of a cyber attack, such as medical-legal costs, data restoration costs, expenses privacy notice, etc.
The cost of cyber insurance policy is also reasonable, and it is a wise investment for small and medium businesses to protect against cyber risks. Businesses should get cyber insurance coverage with the help of an experienced cyber insurance broker.
Qian Insurance Broking LLP is one of India’s leading insurance brokers specializing in commercial insurance solutions for clients across the country. Qian has a team of experts dedicated to insurance products such as Directors’ and Officers’ Liability Insurance CoverageTrade credit insurance policy and cyber insurance policy which can help the customer get comprehensive coverages at reasonable premiums.
Qian Insurance Brokerage LLP
125 – C, Court Mittal,
Opposite Inox Cinema, Nariman Point,
Mumbai, Maharashtra 400021
Telephone: +91 22 22044989
E-mail: [email protected]
Company Name: Qian
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Call: +91 22 22044989
Address:125-C, Mittai Court, opposite Inox Cinema, Nariman Point
State: Maharashtra 400021