SBI Gen Insurance bets on cyber protection, eyes 30% jump in premium income

Firms in which IP is critical, such as pharma and research and knowledge-based organisations, were taking the lead in seeking cyber covers to protect their computer systems from hack attacks

The domestic cyber insurance market is slowly gaining traction, with India bracketed alongside the US and China as among the world’s most cyber attack-prone countries.

“Although the cyber insurance market is still miniscule, Indian corporates have started to show interest in such products and have realised the prospective threats emanating from cyber hacking,” SBI General Insurance managing director and CEO, Pushan Mahapatra, told Business Standard in Lucknow.

He said companies in which intellectual property played a key role, such as pharmaceuticals and other research and knowledge-based organisations, were taking the lead in seeking cyber