Majority of Indian firms have cybersecurity insurance: Report

[Nov 1, 2018]

About eight out of ten Indian firms surveyed had insurance to protect against cyber threats, with Indian telecom companies being the best prepared.

The survey, which was conducted by research firm Ovum, was of 500 Indian companies and companies in ten other countries.

An overwhelming majority of Indian firms have cybersecurity insurance but fewer than half have full coverage, implying that they are still susceptible to risk from hacks and data breaches, financial data and analytics provider FICO said in a report.

“India has a well-developed IT sector and is on the front-foot with this issue. The data breaches in India in the past 12 months have continued to have an impact on local businesses, so there is recogniti on that insurance plays an important role in risk mitigation and is an important consideration to minimizing disruption,” Vishal Goyal, country manager for India at FICO said in a statement.

Given the amount of insurance reported in India, the country is second only to the United Kingdom in companies having cyber threat insurance.

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