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Cyber insurance rapidly becoming essential for companies

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Cyber insurance is rapidly becoming essential for firms in India who have a presence online, reported mydigitalfc.com.

A report by Allianz Global Corporate & Specialty S.E. found that Indian businesses lose $4 billion as a result of cyber attacks and the amount is growing exponentially each year. "With increasing awareness about vulnerability of attack, cyber insurance is on an upswing and we are seeing yearly growth of 100%, both in terms of clients and premium," said an official at India's HDFC ERGO General Insurance Ltd.

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