Cyber insurance in India: An overview

Abstract

Today India's identity on the world stage is "Digital India".At present, online facilities are available to work in every field, such as banking, insurance, education and health.While there has been an expansion of online facilities in the country, on the other hand, cybercrime has also increased.The rise of cybercrime has provided the opportunity to the insurance industry in the form of cyber insurance.Cyber insurance is one of the fastest-growing sectors at present time.The object of the study was to understand the various aspects of cyber insurance with reference to India.Data and information related to the study have been collected from the website of IRDAI, the Report of the working group to study Cyber Liability Insurance, newspapers and published research papers in various journals.The study found that there is immense potential for the growth and expansion of the cyber insurance market in India due to the rapidly increasing number of internet users.