However, Rakesh Goyal Director of Probus Insurance, an insurance broking firm said, “Individuals do not feel the need for such insurance and, hence, it is not a widely offered product so far.”
Need for cyber insurance
In a recent report, the Internet and Mobile Association of India noted that there are over 500 million internet users in India. “Each one of these users is susceptible to cyber attacks,” pointed out Adidamu, and the number (of net users) will only increase, he stressed. The government’s emphasis on digitisation and increasing popularity of digital payments is also an impetus for cyber insurance products being introduced.