New data law spurs huge spike in cyber insurance demand

Insurers said they are seeing a 20-25% increase in demand for cyber insurance, turning it from an optional add-on to a necessary tool for compliance, as penalties under the Digital Personal Data Protection (DPDP) Act for a data fiduciary’s failure to implement security safeguards could go up to Rs 250 crore, 50 times higher than before.

Today, businesses are prioritising cover against data breach. Also, with the rise of artificial…