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New data law spurs huge spike in cyber insurance demand
India's new data protection regime is leading to increased enquiries by companies for cyber insurance.
Insurers said they are seeing a 20-25% increase in demand for cyber insurance, turning it from an optional add-on to a necessary tool for compliance, as penalties under the Digital Personal Data Protection (DPDP) Act for a data fiduciary's failure to implement security safeguards could go up to Rs 250 crore, 50 times higher than before.
Today, businesses are prioritising cover against data breach. Also, with the rise of artificial intelligence-driven attacks, like deepfake fraud and automated phishing, AI attack coverage and advanced threat protection add-ons are gaining traction, said cybersecurity and insurance industry executives.
Less than 30% of eligible Indian businesses currently have cyber insurance, leaving the majority of them financially vulnerable to attack, according to people in the know.
“This financial impact is only going to go up after this regulation,” said Neha Anand, vice-president and head of cyber at Prudent Insurance Brokers.
The provisions of the DPDP Act directly increase financial liability. After detecting a breach, organisations must notify the Data Protection Board within 72 hours. Annual security audits, data protection impact assessments and the appointment of data protection officers are all required for significant data fiduciaries, which increase recurring governance costs as well.
At present, business interruption is the main cost driver in cyber claims, where claims have even reached close to Rs 175 crore, said Ritesh Thosani, cyber practice leader at insurance brokerage Marsh India. “For tech-reliant clients, especially in manufacturing, operational downtime is a key loss driver.”
Gaurav Arora, chief of reinsurance, underwriting & claims for property & casualty, at ICICI Lombard said companies often do not disclose the full impact of cyber incidents, considering the reputational stakes, regulatory interventions and impact on investor confidence. This “leads to a considerable gap between what has been notified and what has been publicly disclosed,” he said.
Also, most companies do not have adequate coverage, but that is changing now, said industry executives.
For Indian pharma companies, the actual losses have been “multiple times” more than the purchased coverage, said Anand of Prudent Insurance Brokers.
“Earlier, cyber insurance was seen as a good-to-have cover. Now it has become a necessity. Companies no longer want to live with the ignorance that led to cases like Jaguar Land Rover's $196 million cyber related business interruption loss,” she said. “Traditional Rs 10-20 crore limits will be inadequate against DPDP penalties.”
The Act transforms data privacy from a compliance checkbox into a board-level financial imperative, with CFOs and CROs now treating compliance as a quantifiable financial risk requiring insurance protection.
According to Harmeet Singh, executive director at Deloitte India, mandating disclosure for listed entities under the new regime could strengthen investor trust. “The full impact often emerges over time through fines, remediation costs or customer churn, rather than showing up instantly in quarterly results,” he said.
The biggest cost factor in cyber claims, apart from regulatory penalties, is business interruption. ICICI Lombard's Arora said although policy limits are occasionally exhausted before business interruption losses are even assessed, Indian businesses are now acknowledging this as a substantial risk. “The new change from regulators on fines and penalties will also erode the limit, hence limits will have to be recalibrated,” he said.
The Indian cyber insurance market is estimated to be ₹500–600 crore and is projected to expand at a 25–30% compound annual growth rate over the next 3–5 years. Cyber is expected to become a key component of liability portfolios, driven by regulatory mandates and digital adoption.
The insurance industry, meanwhile, has expanded its coverage to cloud infrastructures, Saas/PaaS environments and system failures. Research firm Gartner projects that the information security market in India will increase from $2.85 billion in 2024 to $3.47 billion in 2026.
However, gaps in protection persist. Arora pointed out that although SMEs account for 45% of exports and 29-30% of GDP, cyber insurance protection is only 10-20%, dropping to 5-10% for MSMEs and 60-70% for large firms. Despite the Indian Computer Emergency Response Team (CERT-In) reporting over 2 million cybersecurity incidents in 2024, this disparity still exists.
With the market regulator and CERT-In rules requiring reporting of cyber incidents within six hours, transparency is no longer optional. “Organisations are likely to adopt more robust cybersecurity practices and manage personal data more responsibly as penalties become steeper,” said Arora.
As India's cyber insurance market is projected to grow by 30-35%, experts argue that DPDP compliance is not just a legal mandate; it is a business survival challenge.
Source: EconomicTimes
Related Posts: icici lombard,cyber insurance demand,India data protection law,Digital Personal Data Protection Act,AI attack coverage,ICICI Lombard,jaguar land rovers,dpdp
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