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Firms ramp up compliance, premiums for cyber insurance post covid
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.