Major Indian nonbank finance firm raises cyber cover to 2000cr
Business
Banks and financial companies in India are stepping up their cyber insurance game as online attacks get more common.
One major nonbank finance firm is bumping its coverage from ₹1,400 crore to ₹2,000 crore this year.
Insurers say more banks now want bigger policies as everyone gets more aware of digital threats.
Insurers keep Indian premiums at 0.75%-1.5%
With everything moving online, banks are rethinking how they handle cyber risks, especially after recent hacks at big names like State Bank of India and Central Bank of India.
Ransomware, data theft, and legal costs can add up fast, but thanks to competition between insurers, premiums still remain unchanged at 0.75%-1.5% of the sum assured.