By Janardhan N 
Cyber Insurance Cost Guide to Protect Your Business in 2025
The cybersecurity market anticipates a continuous rise in the “Estimated Cost of Cybercrime,” projected to increase by 6.4 trillion U.S. dollars (+69.41%) between 2024 and 2029, reaching a new peak of 15.63 trillion U.S. dollars by 2029.
We have now marked an eleventh consecutive year of increase.
Cyberattacks, particularly ransomware, pose a major global challenge. The manufacturing, finance, and insurance sectors are highly affected, with manufacturing experiencing the highest number of ransomware attacks.
Awareness of cyber threats is increasing, with 40% of internet users familiar with “ransomware.” Companies are increasing their cybersecurity investments, with a projected 5.7% rise in IT security budgets in 2024.
Cyber resilience was the top spending priority in 2023.
And you are yet to get cyber insurance? No worries, we have got you covered with all the information you need.
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Mitigata’s Pricing Model: Customized for Your Business
Mitigata offers a range of cyber insurance products tailored to the needs of businesses of all sizes. We have designed our pricing to be flexible, ensuring that companies can get the coverage they need at an affordable price.
Here’s a quick look:
| Insurance Type | Price |
|---|---|
| Cyber Insurance for Business | ₹49,000/year |
| Executive Cyber Insurance | ₹2,000/year |
| Cyber Insurance for Individuals | ₹250/year |
| Directors & Officers (D&O) Liability Insurance | ₹10,000/year |
| Business Crime Insurance | ₹80,000/year |
| Professional Indemnity (PI) Insurance | ₹75,000/year |
| Errors & Omissions (E&O) Insurance | ₹80,000/year |
| Gaming Business Insurance | ₹3.5L/year |
| Media Liability Insurance | ₹30,000/year |
| Public Offering of Securities Insurance (POSI) | ₹5,00,000/year |
| General Liability Insurance for Business | ₹15,000/year |
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Understanding Cyber Insurance in No Time!
Cyber insurance is an emerging sector that protects businesses against financial losses resulting from cyber incidents.
In India, the demand for cyber insurance has increased significantly, particularly with the rise in digital transactions and online activities.
The scope of cyber insurance policies typically includes:
- Data Breach Costs: Covering the costs of notification, data recovery, and legal expenses in case of a data breach.
- Ransomware Payments and Negotiation Costs: Covering the costs associated with paying ransom and managing the negotiation process.
- Business Interruption: Offering financial compensation for lost income during periods of downtime caused by cyberattacks.
- Reputational Damage Control: Crisis management services to help businesses restore their reputation after a cyber incident.
Cyber Insurance Claims Statistics for 2025
Here are some alarming statistics highlighting the growing importance of cyber insurance:
Chubb Ltd Group is one of the largest insurers, writing over $404 billion in premiums with a market share of 14.7%.
Ransomware accounted for 81% of claims involving recovery expense losses in recent years
27% of data breach claims and 24% of first-party claims had exclusions that resulted in non-payouts or partial payouts.
The $2.88 billion potential losses went unclaimed due to a lack of adequate coverage or policy exclusions.
56% of claims now originate from SMEs (Small and Medium Enterprises), with an average claim cost of ₹345,000 for smaller businesses.
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These statistics underscore the growing need for businesses to secure comprehensive cyber insurance policies that cover both large and small-scale threats.
Key Factors Influencing Cyber Insurance Premiums
The cost of cyber insurance premiums in India depends on several factors:
- Industry Type: High-risk sectors such as finance, healthcare, and retail face higher premiums due to the sensitive data they handle.
- The financial industry alone experienced a 175% increase in phishing attacks, a 117% increase in DDoS attacks, and a 40% YoY increase in ransomware attacks. Mitigata’s tailored coverage for high-risk industries ensures you have the protection you need at an affordable cost.
- Company Size and Revenue: Larger enterprises with higher revenue are more likely to incur significant cyberattack costs, resulting in increased premiums.
- Cybersecurity Posture: Companies with robust cybersecurity measures, including firewalls, employee training, and incident response plans, can lower their premiums
- Claims History: A history of frequent claims or large-scale incidents will lead to higher premiums for businesses.
- Regulatory Compliance: Compliance with regulations such as the Digital Personal Data Protection (DPDP) Act 2023 can reduce premiums, as it demonstrates a company’s capacity to protect sensitive data.
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How Cyber Insurance Can Help Your Business?
Cyber insurance serves as a safety net against a wide array of cyber incidents. Here’s how a cyber insurance policy can help your business:
1. Data Breach Costs: Cyber insurance typically covers the costs associated with a data breach, including customer notifications, litigation management, and data recovery.
2. Ransomware Payments: In the event of a ransomware attack, cyber insurance can cover the ransom payment and associated costs, which have dramatically increased in recent years.
3. Business Interruption: If a cyber incident causes your business to halt operations, cyber liability insurance can help cover the financial losses resulting from downtime, enabling you to recover quickly.
4. Reputational Damage: A good cyber insurance policy often includes crisis management services to help businesses restore trust after a cyberattack, ensuring minimal long-term damage to your reputation.
At Mitigata, we offer cyber insurance solutions specifically designed to meet the needs of your business. Whether you’re an SME or a large enterprise, our cyber insurance policies provide comprehensive coverage to mitigate the risks posed by cyber threats, including data breaches, ransomware, and business interruptions.
Explore all our offerings here!
Factors That Influence Cyber Insurance Costs-
While premiums vary from business to business, several key factors influence the cost of cybersecurity insurance coverage:
1. Company Size: Larger companies, especially those with a large number of employees, tend to face higher premiums due to the increased risk of cyber incidents, such as phishing attacks.
2. Industry: Specific sectors, such as finance and healthcare, face higher premiums due to the sensitive nature of the data they handle and their increased vulnerability to attacks.
3. Data Sensitivity: The amount and sensitivity of data you store also impact your cyber liability insurance cost. Businesses that handle highly sensitive information, such as healthcare providers, face higher premiums due to the associated risks with this data.
4. Security Measures: The more proactive your business is in securing its network and systems, the lower your premium may be. Insurers reward businesses that have robust cybersecurity protocols in place, including firewalls, intrusion detection systems, and employee training.
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How Mitigata Offers Cyber Insurance, Priced for Your Business?
At Mitigata, we understand that every business is unique, which is why we take a personalized approach to tailor our cyber insurance pricing to meet your specific needs. By evaluating your company’s size, geographical exposure, industry-specific needs, and cybersecurity measures, we can offer a cost-effective insurance solution that aligns with your risk profile and business requirements.
150 Questions for Cybersecurity to Understand You Better-
To accurately assess your cyber risk and provide the most appropriate coverage, Mitigata asks 150 targeted questions regarding your cybersecurity posture. These questions span across various facets of your operations, including:
- Business Size: The number of employees, scale of operations, and annual revenue.
- Geographical Exposure: Your business’s global footprint and the regions where you operate.
- Client Business Operations: The nature of your clients’ industries and how their data interacts with your systems.
- Security Measures: The strength of your existing cybersecurity protocols, including firewalls, encryption, and endpoint security.
- Retail and Cybersecurity: If applicable, how does your business manage data security in retail environments, e-commerce, or financial services?
By understanding these critical areas, we create a tailored roadmap that strengthens your company’s cyber resilience and helps you to protect yourself against emerging cyber threats.
Quantifying Cyber Insurance for Maximum Coverage-
Mitigata doesn’t just sell cyber insurance; we quantify your cyber risk in financial terms. Our goal is to help you understand the potential cost of a cyber incident and provide you with coverage that reflects this risk.
We work with you to calculate the per-incident financial loss you might incur during a cyberattack. This includes direct costs such as:
- Data recovery
- Business interruption losses
- Reputational damage
- Ransomware payments
We provide a clear financial picture of potential losses to ensure that your cyber insurance policy offers adequate coverage for each scenario. This customized approach helps mitigate risk while ensuring that you’re not overpaying for coverage you don’t need.
Protect your business today with Mitigata’s tailored cyber insurance solutions. Reach out to our experts to find the best coverage for your needs, preparing you for any potential cyber threats that may arise.
Contact Mitigata’s experts for more information.
FAQs on Cyber insurance cost in India
Q1. What is the cost of cyber insurance in India?
In India, cyber insurance plans are available for as little as Rs 2 per day. These plans cover financial losses resulting from the misuse of personal information online.
Q2. What is the price of cybersecurity?
Cyber insurance costs vary: businesses typically pay between $500 and $5,000 annually, while individual premiums range from $300 to $1,200 per year, depending on coverage options and deductibles.
Q3. How is cyber insurance calculated?
The premium for cyber incident coverage is determined by your business’s risk profile, with higher risk leading to increased costs for the insured. Revenue is one of several factors influencing this cost.
Q4. Is cyber insurance worth it?
Cyber insurance coverage is a necessity for most organizations, particularly those involved in the creation, storage, or transmission of sensitive data. By 2025, cyber insurance will unfortunately be a mandatory requirement to help mitigate the financial and reputational impacts of cyberattacks.
Q5. What is the limit of cyber insurance?
For many small businesses, typical cyber liability insurance coverage includes a $1 million per-occurrence limit, a $1 million aggregate limit, and a $1,000 deductible. These are commonly the initial limits presented when exploring coverage options.