As incidents of ransom-ware attack rise — at least 10,000 attacks a day across the world — insurance companies are planning customised standalone products for companies and organisations in India.
Such products are already available in the US. However, in India, insurance companies primarily sell cyber threat products as part of bundled offers covering risks of ‘errors and omission’, ‘computer crime’, ‘commercial crime’, and so on.
“We are looking at designing customised standalone products,” Sanjay Datta, Chief – Underwriting & Claims at ICICI Lombard General Insurance Company, told BusinessLine.
Rising threat
India got a real taste of this new-generation crime during the ‘WannaCry’ attack in May impacting businesses in 150 countries. According to a Quick Heal report, there were at least 48,000 attacks in the country.
