akshit kAre you truly protected in today’s digital world, where cyberattacks happen every few seconds?
India, currently being the 2nd most targeted nation worldwide in terms of cybercrime, is seeing more frequent and modern attacks every day.
In 2024, data breaches in India cost an average of ₹19.5 crore, a significant amount. It is able to even shut down an organisation. The Indian cyber insurance market, valued at $582.2 million, is rapidly growing but still small in comparison to the global market of $14.2 billion.
Cyber attacks will not slow down, but you should be prepared with your precautions. Cyber insurance is your preventive measure that will protect you from the monetary impacts of a breach.
Mitigata: India’s Only Full-Stack Cyber Resilience Company
From Insurance to security and compliance, we cover it all. And because we’re partnered with leading insurers, you get the best coverage at market-best rates without the struggle of comparing different vendor costs.
Top Cyber Insurance Providers in India
Take a look at 7 industry-leading cyber insurance providers in India that will help you to choose the best insurance possible.
1. HDFC ERGO
HDFC ERGO is among the top names in cyber insurance, known for its wide range of protection. The policy is designed to cover risks that hit both financial stability and brand reputation, from identity theft to malware attacks.
Key Features:
- If your business data is exposed, HDFC ERGO covers any legal claims or liabilities that arise from it.
- Helps cover the costs of restoring lost or damaged data due to cyberattacks.
- If a cyber incident affects your public image, the policy covers PR costs to help rebuild your image.
- Takes care of legal expenses tied to lawsuits or regulatory actions resulting from cyber incidents.
Mitigata ensures you get the best quotes and seamless claims support with HDFC ERGO. Schedule a meeting today!
2. Bajaj Allianz
Bajaj Allianz is another leading cyber insurance company in India, offering insurance designed to protect both individuals and professionals from escalating cyber dangers.
With fraud, hacking, and phishing on the rise, their coverage focuses on financial security, reputation management, and legal support.
Key features include:
- Protects against financial losses caused by illegal access, phishing, or hacking events.
- Helps in compensating for financial losses incurred when operations are suspended due to a cyber incident.
- Provides safety from ransomware and other extortion attempts in which criminals demand money.
- Covers costs of alerting affected users and passing data protection regulations.
From quote to claim, Mitigata ensures you get Bajaj Allianz cyber insurance at unbeatable rates. Book a meeting now!
Full Cyber Insurance Coverage Starts at Just ₹95,000/year*
With Mitigata, you get the best market pricing and fast claims, plus proactive defence through our free cyber risk console
3. ICICI Lombard
ICICI Lombard is a well-known cyber insurance provider. Its policy is built to cover data breaches, business interruption, and liability risks that come with cyberattacks. It allows SMEs and large organisations to select coverage depending on risk exposure.
Key features:
- Offers financial protection from ransomware attacks and compensation for recovering control of your systems.
- It covers revenue losses and operational delays caused by cyberattacks.
- It also offers coverage for third-party claims resulting from data breaches, including privacy violations.
- Offers access to expert assistance from managing the issue to recovering from it.
Unlock extra value with Mitigata’s exclusive brokerage services for ICICI Lombard. Schedule a meeting today and save 15%.
4. IFFCO Tokio
IFFCO Tokio’s cyber insurance policy is built to cover more than just the basics. It’s a renowned cyber insurance provider, catering to both financial and operational damage that comes with a cyberattack. It’s usually a strong option for businesses looking for complete protection.
Key Features:
- Covers the financial loss of data theft, including customer notifications and system recovery costs.
- Takes care of losses related to fraud, hacking, and phishing attacks.
- Support you with the PR and communications aspect of any cyber event, in order to mitigate the loss to your business’s reputation.
- Helps with the costs of defending against lawsuits that arise from cyber-related claims.
Mitigata’s expert team and personalised cyber insurance solutions of Iffco Tokio can save you time and money. Book a meeting now!
5. SBI General
SBI General, one of the top cyber insurance companies, provides full coverage for enterprises, individuals, and families facing online risks. With rising dependence on digital platforms, this policy is built to protect against identity theft, cyberbullying, online fraud, and data breaches.
Key Features:
- Cover claims made by third parties for data breaches or cyber incidents linked to your business.
- SBI General compensates for the revenue lost in case a cyberattack disrupts your business
- Helps your business in providing the costs necessary to stay compliant with data protection laws.
- Supports in managing the consequences of an incident, from a data breach to rebuilding client trust.
Take your SBI General Coverage to the next level with Mitigata’s proactive claims management and cybersecurity tools. Book a meeting now!
When Cyber Incidents Strike, We Make Claims Work for You
With immediate incident handling and legal guidance, Mitigata prevents denials and minimises financial risks.
6. Zurich Kotak
Zurich Kotak offers some of the best cyber insurance plans, ideal for small and medium-sized enterprises (SMEs) that require cost-effective yet comprehensive protection against cyber threats. It focuses on guarding digital identity, financial assets, and personal reputation.
Key features include:
- Protection against phishing scams and online fraud.
- Ransomware coverage to offset financial losses if your systems are locked.
- Cyber liability cover for third-party legal claims after an attack or data breach.
- Forensic assistance to investigate the breach and prevent it from happening again.
Get your Zurich Kotak insurance quote instantly with Mitigata at the best market rates without paying extra. Book a meeting now!
7. TATA AIG
TATA AIG provides one of the most comprehensive cyber insurance options, suitable for businesses of all sizes. Their policy covers both financial loss and operational disruption, giving companies all-around protection against modern cyber risks.
Key Features:
- TATA AIG covers costs related to notifying affected customers and restoring compromised data.
- If your business operations are disrupted by a cyberattack, TATA AIG compensates for the loss of revenue.
- helps in compensating for the losses caused by cybercriminal activities, including hacking and fraud.
- Offers safety from ransomware attacks, including costs to recover or negotiate after an attack.
Let Mitigata get you the best TATA AIG insurance quote with fast claims and expert guidance. Book a meeting now!
Comparison Table of Top Cyber Insurance Providers
Here’s a quick comparison of India’s leading cyber insurance providers based on claim performance and coverage focus.
| Insurer | Claim Settlement Ratio (FY24) | Industry Focus | Geographic Coverage | Key Highlights |
|---|---|---|---|---|
| HDFC ERGO | 97.3% | IT, BFSI, Retail | Pan-India | Broad coverage, strong digital onboarding, global incident response. |
| Bajaj Allianz | 96.8% | Manufacturing, Healthcare, Education | India + limited overseas operations | Quick claim processing, customisable add-ons, ransomware coverage. |
| ICICI Lombard | 97.6% | BFSI, E-commerce, Logistics | Pan-India + Global partners | Comprehensive liability, legal & forensics support, startup-friendly options. |
| IFFCO Tokio | 95.9% | SMEs, Startups, ITES | Tier 1–3 Indian cities | Affordable SME plans, basic cyber extortion coverage. |
| SBI General | 96.2% | Public sector, Banking, MSMEs | Pan-India | Government-linked credibility, strong risk management tools. |
| Zurich Kotak | 97.9% | Enterprise, Fintech, Multinationals | India + International | Global expertise, tailored enterprise solutions, regulatory compliance coverage. |
| Tata AIG | 98.1% | BFSI, IT, Pharmaceuticals | Pan-India | Best for large enterprises, crisis management and PR cost coverage. |
Note: Claim settlement ratios and highlights are based on public disclosures and market data.
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What to Look for in a Startup-Friendly Cyber Policy
Startups need cyber insurance that’s fast, flexible, and affordable. The best cyber insurance companies for startups and SMEs should offer:
- Flexible Premiums: Scalable plans that grow with your startup.
- Quick Onboarding: Simple setup and instant digital coverage.
- Ransomware & Data Breach Cover: Protects against costly downtime and recovery expenses.
- Legal & Compliance Support: Helps meet investor and data privacy requirements.
Mitigata offers startup-ready coverage that scales with your business, from seed to Series C.
What Enterprises Should Look for in Cyber Insurance
Large enterprises need comprehensive cyber insurance built for global operations and regulatory demands. Key factors to consider:
- Global Breach Coverage: Protection across regions and subsidiaries.
- Incident Response & Forensics: 24×7 support to contain and investigate threats.
- Regulatory Compliance: Meets GDPR, ISO 27001, and CERT-In guidelines.
- Business Interruption Cover: Compensation for downtime and lost revenue.
With Mitigata, enterprises get end-to-end cyber resilience – prevention, detection, and rapid recovery.
Conclusion
While top cyber insurance companies such as HDFC ERGO, ICICI Lombard, Bajaj Allianz, and others provide extensive plans, selecting the right one might be difficult. As each insurer’s terms, exclusions, and strengths are unique, expert advice is necessary.
Here’s why Mitigata is here to help you pick the policy that actually matches your risks.
Ready to fight against cyber threats? Get your cyber insurance quote from Mitigata today!
Commonly Asked Questions on Cyber Insurance
Q1. Does HDFC offer a good cyber insurance policy?
Yes, HDFC ERGO cyber insurance policy provides cover against risks like identity theft, malware, ransomware, phishing, and data breaches. It helps businesses and individuals manage financial losses, legal liabilities, and even reputation damage caused by cyber incidents.
Q2. Who is the best cyber insurance company?
Mitigata is among the best choices for cyber insurance in India. Along with tailored policies from leading insurers, Mitigata provides access to its in-house Mitigata Console, which includes phishing simulations, attack surface monitoring, and dark web alerts.
Q3. How to choose cyber insurance in India?
Start by assessing your digital risks, such as data breaches, ransomware, or business interruption, and match them with the coverage offered. Compare multiple policies for limits, exclusions, and premium costs. Always pick a provider that also offers strong claims support.
Q4. Does SBI offer a good cyber insurance policy?
Yes, SBI General’s cyber insurance policy protects individuals, families, and enterprises against online risks. It covers identity theft, online fraud, cyberbullying, and data breaches, along with liability and business interruption expenses caused by cyberattacks.
Q5. What is the cost of cyber insurance?
Mitigata offers the best market prices for cyber insurance starting at ₹95,000 per year. Final premiums depend on the size of your business, industry, risk exposure, and the level of coverage you choose.
Q6. Which cyber insurance company is best for startups and SMEs?
ICICI Lombard and IFFCO Tokio offer affordable, flexible plans that suit startups and SMEs, while Mitigata’s cyber coverage provides deeper visibility, faster response, and built-in risk assessment tools designed for growing digital businesses.
Q7. How do I choose the right cyber insurance provider for my business?
Compare insurers based on coverage scope, claim settlement ratio, premiums, add-ons, and industry expertise. Always review whether the provider includes support for incident response and forensic analysis, which are critical during a breach.
Q8. How can I lower my cyber insurance premium?
Businesses can reduce premiums by implementing strong cybersecurity measures, conducting regular VAPT audits, enabling multi-factor authentication, and training employees to recognize phishing or social engineering attacks.
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