Cyber Insurance: Essential for Businesses Amid Rising Digital Threats

• Indian businesses adopt cyber insurance to manage risks from data breaches, ransomware, and extortion attempts.
• Insurers require adequate cybersecurity measures like access controls and data protection before issuing policies.
• Common risks include data breaches, ransomware, and extortion, with SMEs often underinsured or unaware of available policies.
• Cyber insurance provides financial support for forensic investigations, legal advice, and system restoration, but may exclude ransom payments.
• Experts emphasize that insurance supports recovery but doesn't prevent attacks; proactive cybersecurity and preparedness are crucial.