Cyberattacks are no longer the stuff of movie plots, they are real and are being executed every minute. In 2024 alone, India reported 370 million malware attacks, which accounts for 702 attacks every minute! The sectors hit the hardest were healthcare (22%), hospitality (20%), institution (17%), and education (16%), showing that no industry is truly safe. But during such tough times, cyber insurance can act as a ray of hope for the person who has fallen into the trap.

However, the main question remains, who actually needs cyber insurance? Everyone who operates online. So it seems like every startup, growing business, or enterprise handling sensitive data is facing an onslaught of cyber threats. Cyber protection is also useful even for those who are working remotely or storing personal data in the cloud. Because if you’re networked, you’re vulnerable.

Buying cyber insurance is the best thing, if done in advance. Just as you wouldn’t wait for a fire to happen and then purchase home insurance, cyber protection should be purchased before a breach happens. The risk orientation of cybercrime is increasing and with the support of digital transactions and new businesses, they are rising higher and higher. So plan ahead as it's cheaper than damage control.

But, what many people don’t know, is the way cyber insurance works. If a cyberattack happens, your policy will pay for legal fees, data recovery, notifications to customers, and even losses from business interruption. Certain policies go as far as covering regulatory fines in the event of data protection legislation breaches, such as GDPR. For cyber insurance, there is a wide variety of policy options available. Many insurers now provide tailored cyber insurance plans, and online brokers facilitate the comparison of coverage alternatives. The most important thing is to find a policy that matches the specifics of your business.

Cyber threats aren’t slowing down, so if you are ignoring cyber insurance, you are doing it at a big risk.