Tata AIG General Insurance has introduced CyberEdge, a robust cyber insurance solution designed to protect businesses of all sizes from the growing threat of cyber risks. This policy offers comprehensive financial and operational support, covering crucial areas such as forensic investigations, legal fees, data recovery, extortion payments, and losses from business interruptions. With this launch, Tata AIG aims to secure 25% of the cyber insurance market within the next five years, according to Najm Bilgrami, National Head, Financial Lines at Tata AIG.
India recorded 79 million cyberattacks in 2023, as highlighted by a recent report from Prahar, and the threat is only set to increase. The report estimates that cyberattacks could surge to 1 trillion annually by 2033, presenting a significant risk to businesses. The Indian cyber insurance market, currently valued at ₹850 crore in 2024, is experiencing rapid expansion, with a compound annual growth rate (CAGR) of 25% projected between 2025 and 2030. This underscores the critical role of cyber insurance in helping businesses mitigate damages, recover operations efficiently, and thrive in an increasingly digital-first economy.
“A cyber breach itself may not be catastrophic, but failing to address it properly can lead to far bigger challenges. CyberEdge has been meticulously crafted to provide both financial protection and swift, expert-led incident responses,” Bilgrami said. Post-pandemic, there has been a notable surge in demand for cyber insurance from various sectors, including IT companies, BPOs, banks, and other industries. SMEs, which are frequently targeted by cybercriminals due to their limited infrastructure, are also turning to cyber insurance as an essential risk management tool.
CyberEdge offers several innovative features to help businesses combat cyber risks effectively. The First Response Cover ensures insured businesses receive immediate access to Tata AIG’s 24/7 incident response experts, who can provide legal and IT forensic assistance within two hours of a cyber incident. The policy also includes Bricking Recovery Expenses, covering the costs of replacing damaged equipment and resuming normal business operations if systems are rendered inoperable due to a cyberattack.
Additional benefits include Comprehensive Network Loss Calculation, allowing businesses to opt for gross or net profit-based loss calculations, and extended coverage for Bring Your Own Device (BYOD), operational technology (OT), industrial control, and SCADA systems. The Network Interruption Coverage addresses interruptions up to 120 days post-incident, including proactive mitigation costs. Meanwhile, the policy also offers Mitigation and Loss Prevention Services at no extra premium, protection against cyber-related crimes, and liability coverage for multimedia activities, such as digital media content published on websites and social platforms.
When a cyber incident occurs, CyberEdge policyholders gain access to Tata AIG’s dedicated hotline for immediate guidance. This ensures prompt involvement of legal and technical experts, who handle initial assessments, activate an Incident Response team if necessary, and provide regulatory notifications. The support is designed to minimize operational disruptions and effectively manage liabilities, helping businesses maintain resilience in the face of evolving cyber threats.
As cyber risks become more complex, Tata AIG’s CyberEdge aims to empower businesses to enhance their cybersecurity preparedness and navigate challenges in today’s digital economy.
