A Deloitte report has forecasted that the Indian cyber insurance market will grow by 27-30% in the coming years. The current market valuation stands at $50-60 million, maintaining a steady compound annual growth rate (CAGR) of 27-30% over the past three years.
This growth is primarily led by increased awareness of cyber insurance needs. Industries focussing heavily on digitization like IT, pharma, and manufacturing, and prime movers of economic growth like supply chain, retail, critical industries, and finance, are expected to be the prime targets of cybercriminals, being early adopters.
As per the report, willingness was most prominent among mid-sized firms. Surprisingly, leading companies in the consumer sector taking care of substantial consumer databases sounded a cautious approach to expanding their digital infrastructure budget but with an earnest desire to boost their insurance coverage.
One major finding of the survey was that about three-fourths of respondents possessed cyber insurance coverage of Rs 100 crore or less, with over 50% having less than Rs 10 crore of coverage.