The shift to real-time risk: Redefining the future of cyber insurance

By Rushik Patel, Associate Director, EDME Insurance Brokers Ltd.

The cyber insurance market in India is going through a paradigm shift. What was a niche service, a post-event financial risk mitigation solution, is now being transformed into a dynamic, real-time risk management platform. This is being triggered by a combination of factors: a perfect storm of digital adoption, regulatory forces, the sophistication of cyber threats, and the realization by boards that cyber risk is a business risk, not an IT risk.

The cyber insurance market in India has been growing at a CAGR of 20% to 30% over the last few years. This growth is underpinned by India’s accelerating digital economy, regulatory frameworks such as the Digital Personal Data Protection (DPDP) Act and increasing awareness of cyber risks across sectors.  Yet penetration remains below what the risk exposure suggests. At the same time, the risk environment ...