Cyber Insurance Trends 2022

One out of four attacks have been faced by India in 2021. India was in the top three nations that have experienced a lot of ransomware attacks. Since cyber-attacks are inevitable, it has become necessary to get yourself covered under a cyber insurance policy. With the increase in the number of cyber-attacks, here are some trends and predictions for the future.

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Increase In Demand For Cyber Insurance

With the increased number of cyber-attacks, many companies and firms have realized that they are not safe from cyber-bullying. This has directly led them to cyber insurance. There was data released by The National Association of Insurance Commissioners that showed the increment in the number of purchases. The data showed that over 2.111 million policies were sold in 2016 which increased to 4.019 million by the year 2020.

Also, the estimated cost of a cyber breach in 2021 was around $4.23 million and these high costs are making these companies purchase a cyber insurance policy to protect them from cyber breaches. It has been predicted that there is going to be a surge in the number of purchases in 2022 and the insurance companies will have to make sure to provide better insurance policies witnessing the increment in the cyber attacks.

Updated Terms & Coverage

With the increase in the demand for cyber policy, the insurance companies will be updating the terms along with the inclusions and exclusions. Companies that do not have cyber insurance are recommended to read the terms of the policy and also look for the things they are getting coverage for especially the excluded things from the coverage.

Since the insurance companies do not sell the cyber insurance policy to the companies that do not take the security measures to protect their company. However, to increase awareness regarding cyber insurance purchases, insurance companies have taken the initiative to establish Multi-Factor Authentication in the companies opting for cyber insurance policies.

Apart from this, the insurance companies are looking over the history of companies with ransomware and cyber breaches to learn about the kind of cyber threat companies are facing. Also, learning to work with cybersecurity professionals to understand cybersecurity measures better. This helps them in designing the cyber insurance policy.

However, the companies that do not fall under the minimum criteria to get the coverage or fail to provide the required documents. The insurance companies do not sell the cyber insurance plan to them. Otherwise, the companies can pay more amount but won’t get enough coverage.

Increases Premium Amount

The improper demand and supply of the cyber insurance policy have become one of the major reasons for the increased premium rates. The lack of awareness leads to a lower purchasing rate, the lower purchasing rate leads to increased cost, and the inflation that increased cost leads to an even higher premium amount every year.

Specifically, for the companies that are at high risk of cyber-attacks, it is highly unlikely for the insurers to offer them high coverage.

This leads the company to a point where they have to design an insurance plan with less coverage at a lesser price so that the companies can protect their online data according to their affordability.

Analyzing The Trends

As per the insurance experts, companies without cyber insurance protection plans are advised to purchase an insurance policy as soon as possible. In order to purchase the companies need to start analyzing the insurance plans that would fit their need.

When it comes down to selecting the kind of coverage they should obtain, it is recommended that they work closely with insurers to analyze the risk factors better.

Conclusion

It has become vital for all companies to protect their company’s data from cyber attacks. We live in the digital era where data related to people is stored online. It is equally important for insurance companies to offer cyber insurance plans that are affordable and provide sufficient coverage to the insured company’s data.

Written By: PolicyBazaar - Updated: 13 February 2024
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4.3 October 11, 2022
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Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
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4.3 October 06, 2022
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Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
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4.5 October 04, 2022
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Paperless Process
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4.5 October 03, 2022
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Extensive Coverage
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4.5 October 02, 2022
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It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
Udaipur
4.5 October 01, 2022
Puneet
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
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4.5 September 30, 2022
Govind
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
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4.8 September 29, 2022
Rinku
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
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4.5 March 18, 2022
Ishan
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
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4.5 March 17, 2022
Anurag
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
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