In this increasingly connected digital world, cyber risks have grown exponentially.
Based on the 2017 Nortan Cyber Security Insights Report 143 million customers in US and 978 million customers globally were affected by cyber crime. In India around 186 million customers experienced cybercrime and as a result lost 18.5 billion USD (with the average victim cost of 142 USD globally).
According to the report from Data security council of India, between 2016 and 2018 the second most country affected from cyber threats was India.
Personal Cyber Insurance debuted in India back in 2017. However ,cyber Insurance is very long way from becoming mass market product in India .There is very little data to discuss the volumes and loss ratio of these products. Currently there are two providers in the Indian market.
According to the statistics released by the National Crime Record Bureau in 2017, 21,796 cyber cases were reported. The motive of these cybercrimes were:-
Fraud- 56%
Sexual Exploitation-6.7%
Causing Disrepute- 4.6%
Sources
https://www.irdai.gov.in/ADMINCMS/cms/Uploadedfiles/NLP1718/243.pdf
