India: Data theft cases leads to increase in cyber security insurance policies
Posted On: Sep. 15, 2014 12:00 AM CSTGeneral insurers in India are increasingly offering cyber security insurance policies against data breach as the risk of cyber theft in the country rises, reported The Indian Express.
Maximum covers of up to 3 billion Indian rupees ($16.4 million) have been purchased by 35 companies in past four months. Tata AIG General Insurance Co. Ltd., ICICI Lombard General Insurance Ltd. and HDFC ERGO General Insurance Ltd. have introduced insurance schemes against cyber risk. Insurers said they have noticed a rise in requests and even small and mid-size companies are buying such policies.