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She said increasing regulatory scrutiny and large-scale gathering of customer data are among the major factors driving the demand in the BFSI (banking, financial services and insurance) segment.
Industry estimates suggest that the domestic cyber insurance market is around Rs 300-400 crore in size and growing at 50% year-on-year. The rate of growth is expected to double once the Digital Personal Data Protection (DPDP) Act gets enforced.
"Banks and payment networks are pushing fintechs who are partnering with them to buy cyber insurance covers. While it is not a regulatory" onclick="showFullScrImg(this)"/>
Cyber insurance is seeing a sharp increase in demand from financial services firms, according to industry executives, with cooperative banks, small finance banks, non-banking finance companies (NBFCs) and new-age fintech startups taking the cover which was earlier sought mainly by large software services firms and tech corporations.
Increasing digitisation and a spurt in attacks from cyber criminals, along with greater awareness about the sanctity of customer data and the prospect of a stringent data law in the country, are pushing these companies to seek cyber insurance, said the executives.
Making hay
Large insurance aggregators like Policybazaar, as well as corporate-focused insurance brokers such as Plum and Nova Benefits are doubling down on this product, which is more expensive and stickier than employer-employee insurance packages.
"The extended BFSI sector is the fastest adopter of this policy right now. While banks have been doing it for many years, fintechs and NBFCs have picked it up actively as well," said Evaa Saiwal, head of cyber insurance at Policybazaar for Business
She said increasing regulatory scrutiny and large-scale gathering of customer data are among the major factors driving the demand in the BFSI (banking, financial services and insurance) segment.
Industry estimates suggest that the domestic cyber insurance market is around Rs 300-400 crore in size and growing at 50% year-on-year. The rate of growth is expected to double once the Digital Personal Data Protection (DPDP) Act gets enforced.
"Banks and payment networks are pushing fintechs who are partnering with them to buy cyber insurance covers. While it is not a regulatory mandate right now, it is a hygiene measure for sure among fintechs," said Saransh Garg, CEO at Nova Benefits, a Bengaluru-based insurance broker. Nova Benefits, which is backed by Bessemer Venture Partners, runs a dedicated platform for cyber insurance called Reco by Nova.
Need to qualify
Unlike in many other insurance products, where the pricing is defined by the size of the cover, in cyber insurance risk assessment is a critical element, which defines pricing.
Arun Veetil, director, business insurance at Plum, another Bengaluru-based insurance broker, backed by Tiger Global and Peak XV Partners, said that cyber insurance premiums have tripled since 2018, in large part due to the new categories of firms taking this product.
"NBFCs, fintechs or healthcare firms, all these industries are seen as higher risk as compared to a regular manufacturer who does not store too much data and does not have too much online presence or a regular SaaS (software-as-a-service) firm," said Veetil.
Source: EconomicTimes
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