Companies turn to insurers to cover cyber crime liability

With the rise in incidents of online data theft and cyber crime on the increase in India, corporates are not only taking efforts to tighten online security, but are also looking to take precautionary measures to prevent high liability caused by these incidents. Cyber liability insurance, hence, has been in demand.

“Cyber liability can be covered under our professional indemnity policy as an extension. Globally, as well as in India, we are seeing that information technology/information technology enabled service firms have an appetite for these policies,” said Gisha George, head-liability insurance, Bajaj Allianz General Insurance.

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