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With cyber fraud incidents on the rise, the Finance Ministry of India is urging greater adoption of cyber insurance to protect individuals and businesses from financial losses caused by digital crimes. The move comes amid increasing reports of phishing, UPI scams, malware attacks, and data breaches targeting both citizens and small enterprises.
The ministry has called for insurers to design affordable and accessible cyber insurance products, especially for vulnerable segments like senior citizens, MSMEs, and frequent digital users. The push aligns with India’s rapid shift towards a digital economy, where financial transactions and sensitive data are increasingly exposed to cyber threats.
Industry experts have welcomed the initiative, noting that cyber insurance penetration in India remains low despite the growing threat landscape. Policies typically cover financial loss, data recovery, legal expenses, and customer notification costs following a breach.
The Finance Ministry’s proactive stance signals a broader policy direction focused on strengthening digital resilience and boosting consumer confidence in online systems. As digital adoption accelerates, cyber insurance may soon become as essential as traditional health or motor coverage.
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