Cyber Risk Insurance is a significant Insurance policy in today’s world where every one of us is connected with and through the internet. India holds the second-largest internet user base in the world. With the increase in internet usage, the cybercrime menace has witnessed an unprecedented surge in cyberattacks. Almost 60% of Indian companies are today taking active steps to control cyber risk losses.
Companies in managing or handling important information of their customers are also responsible for maintaining that information's secrecy. In case something goes amiss with their systems and the confidential details of their customers or employees are made public. That leakage of data can have severe repercussions for the Company. The distressed people, in this case, can file a legal suit against the defaulter and can ask for monetary compensation for the same.
