India has witnessed a significant rise in cyber-crimes reported in 2020 from the previous year, with Uttar Pradesh and Karnataka accounting for the largest share last year. Consumers in India collectively lost over $18 billion due to cybercrimes in the year 2017, although the actual figures may vary due to a lack of cyber-crime awareness.
The pace at which people are embracing and adopting digitalization and technology through the cloud, social, mobile, and IoT in our personal as well as professional life, it is important that they are very aware of cybercrime. In the current digital era, it has everyone needs protection against third-party claims. Cyberbullying, cybercrimes, cyber extortion, online fraud coverage in all cases, people must be given financial protection to fight this battle. Cyber Insurance will be very beneficial in providing remedies as an economic solution.
Data Security Council of India has projected that the cyber insurance global market will grow at a CAGR of 27 percent from 4.2 billion to 22.8 billion from 2017 to 2024.
