PriyaPatel
TLDR:
- Insurtech startups are capitalizing on the increasing cybersecurity risks faced by businesses.
- Many companies are opting for cyber insurance as a key part of risk management.
Despite the escalating frequency of cyberattacks, many businesses remain in denial about the potential threats they face. Insurtech startups, such as Onsurity, Plum, and InsuranceDekho, are offering cyber insurance and cybersecurity solutions to help companies manage their cyber risks. According to experts, the cyber insurance market in India is valued at $50-60 million and is expected to grow at a CAGR of 27-30% in the next 3-5 years.
Experts suggest that companies are allocating budgets for both cybersecurity and cyber insurance, with industries like IT, pharma, and manufacturing being early adopters of cyber insurance. However, insurtech startups are also introducing the concept of cyber insurance to small and medium-sized enterprises (SMEs) and micro, small, and medium enterprises (MSMEs) to protect against cyber threats.
Despite the low awareness about the importance of cyber insurance, there is a noticeable trend of more startups entering the cyber insurance space. These startups are adopting a prevention-led approach, combining cybersecurity tools with insurance coverage to improve risk transfer and help businesses mitigate cyber risks.
Overall, the cybersecurity landscape is evolving rapidly, and companies need to be proactive in managing their cyber risks to protect their operations and finances from potential cyber incidents.
