Fintechs, NBFCs run for cyber insurance cover amid rising threats

Cyber insurance is seeing a sharp increase in demand from financial services firms, according to industry executives, with cooperative banks, small finance banks, non-banking finance companies ( NBFCs) and new-age fintech startups taking the cover which was earlier sought mainly by large software services firms and tech corporations.

Increasing digitisation and a spurt in attacks from cyber criminals, along with greater awareness about the sanctity of customer data and the prospect of a stringent data law in the country, are pushing these companies to seek cyber insurance, said the executives.