Cyber insurance booms in India: Official
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Sanjay Kedia, chief executive of Marsh India Insurance Brokers Pvt. Ltd., said that Indian non-banking and IT companies are increasingly purchasing cyber insurance amid a rise in cyber attacks across the world, Business Standard reported. To date more than $100 million worth of coverage has been purchased. Companies with exposure to the European General Data Protection Regulation were proactive in expanding their cover as they could be fined as much as 4% of their global annual turnover for failing to comply with insurance rules, Mr. Kedia said.
