Cyber Insurance – A Rising Market in India

Abstract

Digital Marketing capturing Global markets into its stride and huge revolution happening in the way the business transactions are being carried on, there has been an invent of many risks associated with it. Digitization with its opportunities has also uncovered dangers such as data theft, hacking, theft of identity etc. These dangers have been taken care at various levels of processes through software designing with integral safety of operations. Every phase has been designed with lot of attention and care over a process of modernization and progression.
After all such security levels, still the possibility of risk is experienced, which leaves the victim with huge financial loss and in some situations the liability goes beyond the bearing capacity of an individual or an organization. The solace for these victims is cyber insurance. The Insurance companies cannot prevent the cyber-crimes however, they are a big boon for reducing the financial loss in the happening of an event. Even though cyber insurance is a matured market in the west, it is still at an infancy stage in India. This paper analyzes the market for cyber insurance in India and the awareness of it among the digital marketers. It also studies the current policies available and its adequacy to the current market situation and its scope. It has been evident that, India has a huge market for Cyber Insurance and it will have a huge growth in days to come.