TATA AIG General Insurance Company has unveiled CyberEdge, a cutting-edge cyber insurance solution designed to protect Indian businesses from the growing threat of cyberattacks. Catering to organisations of all sizes, the policy provides financial and operational support, covering areas such as forensic investigations, legal expenses, data recovery, extortion payments, and business interruption losses.
With the cyber insurance market rapidly expanding, TATA AIG aims to capture a 25% market share within five years. The launch comes in response to the alarming rise in cyber incidents; a report by Prahar revealed 79 million cyberattacks in India in 2023, with predictions of a surge to 1 trillion annually by 2033.
Commenting on the launch, Najm Bilgrami, National Head, Financial Lines, said, “The Indian cyber insurance market, valued at INR 850 crores in 2024, has witnessed significant growth in recent years. With a projected CAGR of 25% between 2025 and 2030, cyber insurance is set to become an integral part of risk management strategies, enabling businesses to mitigate damages effectively, recover operations seamlessly, and thrive in today’s digital-first economy. A cyber breach itself may not be catastrophic, but failing to address it properly can lead to even bigger challenges. CyberEdge has been meticulously designed to provide both financial safeguards and swift, expert-led responses to incidents.”
Key Features of CyberEdge:
- First Response Cover: 24/7 access to a panel of incident response experts for immediate action during a cyber incident.
- Bricking Recovery Expenses: Covers costs of replacing damaged equipment caused by cyber incidents.
- Comprehensive Network Loss Calculation: Offers Gross or Net Profit options and forensic accounting fees coverage.
- Wider System Protection: Includes BYOD, OT Systems, Industrial Control, and SCADA systems.
- Network Interruption Coverage: Addresses post-incident interruptions up to 120 days.
- Mitigation Costs and Loss Prevention Services: Extends coverage beyond indemnity for proactive loss prevention.
- Cyber Crime and Multimedia Protection: Covers losses from cybercrimes and liabilities from digital content.
Post-pandemic, the demand for cyber insurance has soared across sectors like IT, banking, and SMEs. Small and medium enterprises, often targeted due to limited cybersecurity infrastructure, stand to benefit significantly from CyberEdge’s comprehensive risk management solutions.
With CyberEdge, TATA AIG provides businesses not just insurance but a robust framework to manage and mitigate cyber risks effectively, ensuring minimal operational disruptions and legal liabilities.
