Janardhan NCould a single cyberattack shut down your business?
As more organizations migrate their activities to digital platforms, the potential risks are greater than ever. Online payments, UPI transactions, and cloud storage have simplified life, but they have also provided scammers with new methods to strike.
The Indian cyber insurance market was at $582.2 million in 2024, and in 2025, it’ll only grow since companies are realizing that adequate security measures are insufficient.
Small and medium-sized businesses that formerly believed “it won’t happen to us” are now experiencing the full effect of data breaches, ransomware, and phishing scams. In terms of industry, BFSI leads in cyber insurance adoption, followed by telecom, healthcare, and retail.
This blog will walk you through exactly how to apply for cyber insurance, so you can protect your business before an attack hits, not after.
Why Choose Mitigata for Cyber Insurance?
Applying for cyber insurance can feel complicated, but Mitigata makes it simple.
We’re India’s leading full-stack cyber resilience company, offering multiple security solutions and trusted by 500+ businesses. Our partnerships with top insurers mean you get comprehensive coverage, competitive rates, and fast claims with 24/7 instant support.
But we don’t stop at helping you get insured – we also work with you to strengthen your defenses so you qualify for better premiums and stronger protection.
Don’t wait for a cyber incident to make you realize the value of coverage. Let Mitigata guide you in securing the right cyber insurance for your business today.
Full Coverage Cyber Insurance Starts at Just ₹49,000/year*
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Cyber Insurance Application Process
Below is a step-by-step guide that will help you prepare for the insurance application process.
Step 1: Assess Your Cyber Risk
The first step in the cyber insurance buying process is the assessment of business risks, as it gives a clear understanding of your cyber risk profile.
Start by asking yourself:
- What sensitive data do we store? (Customer details, payment info, intellectual property)
- What weaknesses exist in our systems? (Old software, poor access control, lack of monitoring)
- What would the damage be if a cyberattack hit tomorrow? (Revenue loss, downtime, regulatory fines, lost clients)
This self-assessment is good for your own understanding, as well as for the insurer.
Step 2: Prepare Your Business Information
When you start talking to insurers, they will ask for detailed information about your company. This helps them evaluate your risk exposure and calculate your premium.
You should be able to provide:
- The company size and the number of employees working in the company.
- Annual revenue made by your company is helpful in estimating the financial risk involved.
- The industry or sector where your business operates as it can be finance, healthcare, or retail.
- Details of any past cyber incident if you’ve suffered, how it was resolved, and what security improvements were made afterwards.
- Current cybersecurity status, which includes the list of security tools, processes, and policies you follow, such as firewalls, encryption, employee training, and more.
You should also know these top benefits of cyber insurance and why it’s a must-have for modern businesses.
Step 3: Implement Required Cybersecurity Controls
Even before applying, make sure your security measures match the basic requirements most insurers look for.
The typical criteria include:
- All important accounts and systems require multi-factor authentication (MFA).
- Endpoint Detection and Response (EDR) systems are installed on all network-connected devices.
- Role-Based Access Controls (RBAC) provide privileged access to employees based on their jobs.
- Data backups are conducted on a regular basis and stored securely.
- Employees are getting cybersecurity training to help them recognize phishing emails, suspicious links, and other hazards.
- Vulnerability detections and patch management for quick discovery and resolution
Step 4: Collect the Required Documentation
Once insurers know your cyber risk status and you have deployed necessary security tools, documentation becomes the next step. Insurers will want to see proof of your security measures, as well as any reports or audits you’ve conducted.
Commonly requested documents include:
- Written IT security policies.
- Proof of data backup and recovery procedures.
- Results of penetration tests or security audits conducted by third parties.
- Any cybersecurity certifications your company has obtained.
- A summary of security issues during the last few years, including the efforts taken to resolve them.
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Step 5: Compare Policies and Request Quotes
Every business needs a different type of cover, depending on the insurer, size, and industry. Check coverage limits, deductibles, and what’s excluded so you know exactly where the gaps are. It’s always right to compare a few options before deciding.
Step 6: Submit your application
The next step is to fill out a detailed questionnaire about your cybersecurity measures and any past incidents. You’ll need to provide documents like audit reports, backup records, and security policies. Once the insurer reviews it, he might approve it, request a security review, or suggest changes to bring your premium down.
Step 7: Maintain a robust cyber posture
After insurance comes the necessary cyber defenses. Here, you should make sure to keep systems patched and updated, train your team regularly, and let your insurer know if you face any major IT problems. It’s better to review your policy annually to make sure it still matches your current risks.
If you’re looking to buy cyber insurance, do check out our recommended list of top cyber insurance companies in India.
How to Assess Your Cybersecurity Risks Before Applying
Before you apply for any cyber insurance policy, you should get a good look at your digital risks. Then, apply for coverage that matches your actual vulnerabilities.
- List Your Assets: Write down all the hardware, software, and data your business relies on. Separate them into important assets and less sensitive ones.
- Spot the Threats: Think about risks like ransomware, phishing, insider misuse, human mistakes, and even theft or damage to devices.
- Find Weak Spots: Your weak spots could be using outdated software, weak passwords, unsecured networks, or missing staff training.
- Weigh the risk: Consider asking yourself how likely this is to happen. And if it did, prioritize the high-likelihood and high-impact ones.
- Keep Records: Maintain a simple risk register with your findings and any steps taken to address them. This shows insurers you’re serious about security — and may even help lower your premium.
Insurance That Moves at the Speed of Cyber Threats
What Business Information Do Insurers Need?
Insurers can’t offer the right coverage without understanding your business. Be ready to share:
- Company details: Industry/sector, company size, and annual revenue.
- Data and systems: They’ll ask what type of data you store, where it’s kept, and which systems you depend upon.
- Security measures: Security tools that you use such as firewalls, MFA, encryption, backups, and more
- Incident history: They’ll look at your incident history, including any past breaches and how you responded.
- Compliance: Your policies, relevant regulations, and proof of security tests or certifications.
If you’d like to understand cyber insurance better, our team at Mitigata is here to help. You can book a free 30-minute call with our experts and get clear guidance on the application process. We’ll walk you through everything from finding affordable premiums to choosing the right policy and handling claims quickly when you need them most
But we don’t stop at insurance. Mitigata also provides end-to-end cybersecurity solutions such as EDR, XDR, SIEM, SOC, and more along with compliance support.
Talk to us today and see how Mitigata can make cyber insurance simple, affordable, and backed by real security.
FAQs on Cyber insurance Application Process
Q1. What is the cost of cyber insurance in India?
The cost depends on factors like the size of your business, the type of data you handle, your industry, and your security measures. For small businesses, premiums can start at ₹49,000 a year for basic coverage.
Q2. How to qualify for cyber insurance?
To qualify, insurers need to see that you have reasonable security measures in place. This can include multi-factor authentication, EDR, Role-Based Access Controls, regular backups, and employee cybersecurity training.
Q3. What is the waiting period for cyber insurance?
The waiting period is the time you must wait after buying the policy before certain coverages start. This waiting period can be different depending on the insurer, but it is mostly 8 – 12 hours.
Q4. What factors affect the cost of cyber insurance?
Costs are determined by your business size, industry, type of data held, annual revenue, cybersecurity measures in place, and your history of past cyber incidents or claims.
Q5. What cybersecurity controls are usually required by insurers?
Common requirements include multi-factor authentication (MFA), regular data backups, employee cybersecurity training, strong access controls, patch management, and an incident response plan.
Q6. Can I get cyber insurance if my business had a previous cyberattack?
Yes, but you must disclose all previous incidents. Insurers will often want to see evidence of improvements to your security posture before granting coverage.
Q7. How do I choose the right policy for my business?
Compare policies from multiple insurers or work with a specialized broker to evaluate coverage types, coverage limits, premiums, and exclusions. Ensure the policy matches your risk profile and regulatory obligations.
