TATA AIG Unveils 'CyberEdge' to Provide Cyber Insurance for Indian Enterprises.
Banking & Finance
In January 2025, TATA AIG General Insurance Company Limited (TATA AIG), headquartered in Mumbai, Maharashtra, introduced 'CyberEdge,' an advanced cyber insurance solution designed to protect businesses of all sizes against various cyber threats.
- The solution provides extensive financial and operational assistance, covering expenses for forensic investigations, legal proceedings, data restoration, extortion payments, and business interruption losses.
- Tata AIG provides 24/7 access to a team of incident response experts, ensuring top-tier legal and IT forensic support within 2 hours of reporting a cyber incident, particularly addressing the critical first 24 hours.
- Covers costs for replacing damaged equipment and restoring operations if cyber incidents render systems inoperable, including BYOD (Bring Your Own Device), Operational Technology (OT), industrial control, and SCADA systems.
Main Point :- (i) Offers flexibility to clients by allowing the choice between gross or net profit for loss assessment, along with coverage for third-party forensic accounting fees for precise calculations.
(ii) Provides up to 120 days of coverage for disruptions caused by incidents, including proactive mitigation costs and protection for system failures, voluntary or regulatory shutdowns, and multimedia activities.
(iii) The Indian cyber insurance market, valued at Rs. 850 crore in 2024, is projected to grow at a CAGR of 25% from 2025 to 2030, with India potentially facing up to 1 trillion cyberattacks annually by 2033, as per Prahar's report, The Invisible Hand.
About TATA AIG General Insurance Company Limited
MD & CEO : Amit Ganorkar
Headquarter : Mumbai
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