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• 12 January 2024

Global and Indian Cybersecurity & Cyber Insurance Landscape

In the evolving digital landscape, India's cyber insurance market is witnessing significant growth, gaining strategic importance. Post-pandemic, increased reliance on digital solutions has led to a surge in cybercrimes. Notably, 2022 saw a 38% rise in targeted attacks on the global government sector, with India, the US, Indonesia, and China contributing 40% of reported incidents. With 1.39 million cyber incidents reported in 2022, India faces a pressing need for widespread adoption of cyber insurance. Deloitte reports the current value of India's cyber insurance market** at $50-60 million, poised for a robust compound annual growth rate (CAGR) of 27-30% in the next 3-5 years. Globally, the cyber insurance market, valued at over $12 billion in 2022, is projected to grow at a CAGR of ~26%, reaching over $63 billion by 2029.

In summary, the surge in Cyber threats emphasizes the vital role of Cyber insurance in India. The escalating incidents underscore the urgency for businesses and individuals to adopt this crucial defense against evolving digital risks. With India's cyber insurance market set for significant growth, it reflects a global imperative for proactive cyber security measures.

As part of this effort, the establishment of a cyber crime reporting portal can enhance awareness and streamline the process of reporting cyber crime incidents. Proactive data systems play a crucial role in fortifying defenses, ensuring that individuals and businesses can stay one step ahead of potential cyber threats. Embracing these measures is essential to navigate the complex and ever-changing landscape of cyber risks in our interconnected world.