Cyber insurance demand outpaces industry readiness

Mumbai: The landscape of insurance sales is undergoing a shift, especially in the realm of cyber insurance. Unlike traditional insurance, the demand for cyber insurance is rapidly rising, fueled by the recent formulation of India’s data protection law.

However, industry insiders caution that despite the increasing demand, insurance companies may be hesitant to embrace this trend due to challenges such as high claims and the intricate nature of the product. Moreover, startups face hurdles in qualifying for comprehensive coverage, adding an additional layer of complexity to the scenario.