Cyber insurance market to grow 30%

The Cyber Insurance Market in India is expected to grow by 27-30 per cent in the coming years, a Deloitte report said forecasting cyber insurance gaining momentum.

The report indicates that the current Indian cyber insurance market is valued at USD 5060 million, maintaining a steady 2730 per cent compound annual growth rate (CAGR) in the past three years.

"This growth is expected to continue for the next 35 years, driven by an increased awareness of the need for cyber insurance," the report 'Cyber Insurance in India' said.

It identifies industries heavily involved in digitisation, such as IT, pharma, and manufacturing, as well as those integrated with broader economic sectors like supply chain, retail, critical industries, and finance, to be the prime targets of cybercriminals.