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Companies with turnover surpassing Rs 10 crore lead cyber insurance adoption First-time buyers account for 30-35% of clients, indicating a growing awareness of the need for proactive cyber risk management. Business interruptions due to data breaches account for 45% of claims, highlighting the importance of coverage for business continuity.
Regulatory compliance and contractual obligations, particularly in the BFSI and IT sectors, drive increased demand for cyber insurance.
A report by PwC revealed that 93% of respondents anticipate an increase in their cybersecurity budgets next year, with 17% planning to raise their budgets by 15% or more, a 1% increase from last year.
Additionally, 42% of Indian business leaders are prioritizing data protection and remediation in the aftermath of recent cyber breaches as their main cyber investment for the coming year, as highlighted in the PwC report.
The BFSI and tech sectors dominate the adoption of cyber insurance, holding 70% of the market share, followed by startups (25%), healthcare (5%), and logistics (5%).
According to the India Cyber Threat Report 2025, the growing use of cloud services will increase vulnerabilities, mainly due to misconfigured environments and insecure APIs. Cybercriminals will take advantage of these flaws to steal sensitive data and disrupt services, with the finance, IoT, and SaaS industries being particularly at risk due to inadequate API security.
Regulatory compliance and contractual obligations, particularly in the BFSI and IT sectors, are driving increased demand for cyber insurance. As companies conduct more risk assessments, they are becoming more aware of the financial impacts of cyberattacks, leading to greater insurance adoption.
The data in Policybazaar‘s report highlights the expanding market penetration of cyber insurance, as businesses recognize the necessity of robust cyber coverage in today’s day and age.
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