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In times of Covid, firms rush to get cybersecurity cover

Leading insurance companies have introduced identity theft, cyber bullying, malware intrusion and cyber extortion in their policies and said enquiries for cyber insurance have shot up 70% from March.

By Devina Sengupta and Ashwin Manikandan, ET Bureau |Updated: June 29, 2020, 10.06AM IST
Mumbai: India Inc. is rushing to take cover from the risk of increased online security threats, with premium collections for cyber liability insurance expected to increase to Rs 300 crore this year. Leading insurance companies have introduced identity theft, cyber bullying, malware intrusion and cyber extortion in their policies and said enquiries for cyber insurance have shot up 70%
or financial sector would be more at risk than a company in the manufacturing sector,” said a top private sector insurance executive. “The pricing would also reflect that.” The policy, meanwhile, would cover first-party losses, expenses of subsequent redressal processes and losses suffered by third-party players, such as inter-linked vendors or partners, whose systems may also have been compromised.

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