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Firms ramp up compliance, premiums for cyber insurance post covid

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Bengaluru: Insurance companies, wary of growing cybersecurity attacks on Indian organizations, are raising the cost of cyber insurance and stepping up compliance norms.

According to industry stakeholders and experts, insurers have seen record increases in the number of cyber insurance claims made by companies hit by ransomware attacks and more.

A year ago, ICICI Lombard witnessed an industrywide increase of 40-60% in the cost of premium since the outbreak of covid-19, said Sanjay Datta, the insurer’s chief of underwriting and claims.

A spokesperson for another insurance firm said unlike insurance claims for vehicle accidents, which usually range in the hundreds of thousands of rupees, cyber insurance claims can run up to $2-3 million at a time.

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state Mississippi
Susanna Reid - Lorraine Kelly - Ed Balls - Carol Vorderman replaces Lorraine Kelly after presenter is struck down with Covid - thesun.co.uk - Britain
thesun.co.uk
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Carol Vorderman replaces Lorraine Kelly after presenter is struck down with Covid
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Emmerdale spoilers – Dale star reveals she ended up on benefits during covid; plus Coronation Street & Emmerdale news
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Gemma Oaten stars shock Digital
COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
People over State Pension age with long-term health issues could be due up to £1,319 each month
BBC Breakfast star Carol Kirkwood sparks health concerns among fans after return
Homes Under the Hammer's Martin Roberts breaks silence on life-threatening health scare
Man City recovery plan for Premier League after 'punch in the face'
BGT's Jonathan Antoine's life after ITV show from weight loss to diagnosis
How to entertain yourself when you stuck inside due to a pandemic
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