“In 2023 alone, cyberattacks cost Indian businesses over $2 billion.“ This staggering statistic underscores the critical need for robust cyber insurance in today’s digital landscape. As cyber threats continue to evolve, businesses of all sizes must safeguard their assets and reputations. In India, several cyber insurance companies have emerged as industry leaders, offering comprehensive coverage and exceptional customer service. Here’s a detailed look at the top cyber insurance companies in India.
1. Mitigata – Smart Cyber Insurance
Mitigata is a pioneer in the cybersecurity and cyber insurance space in India, furthermore, renowned for its comprehensive coverage and proactive risk management approach. It offers specialized cyber insurance policies for businesses, executives, and individuals, ensuring that all aspects of cyber risk are addressed.
For Businesses:
Mitigata provides extensive cyber insurance solutions to protect businesses from a range of cyber threats, including data breaches, business interruption, cyber extortion, and regulatory fines. Moreover, businesses also benefit from built-in cybersecurity features such as VPN guard, data leak checker, and threat intelligence services. Mitigata’s proactive approach includes regular risk assessments and personalized cyber risk management plans.
Know More: Cyber Insurance for Business
For Executives:
Executives are often prime targets for cyberattacks due to their access to sensitive information. Mitigata offers specialized policies for executives, covering identity theft, personal liability arising from cyber incidents, and protection against social engineering attacks. These policies also provide legal support and crisis management services to help executives respond effectively to cyber threats.
Know More: Cyber Insurance for Executives
For Individuals:
Mitigata’s personal cyber insurance plan, Mitigata Protect+, is designed to safeguard individuals against online scams, phishing attacks, and identity theft. The policy includes features like bank account safety, phishing protection, SMS OTP scams, credit card fraud protection, and net banking scam coverage. Mitigata Protect+ also offers fast claims processing and built-in cybersecurity tools to enhance personal online security.
Know More: Cyber Insurance for Individuals
Key Features:
- Comprehensive coverage for businesses, executives, and individuals.
- Built-in Mitigata cybersecurity tools and fast claims processing.
- Tailored solutions for various sectors and needs.
- Cyber Risk Quantification of client’s cyber risk vectors & events.
Book Demo – Mitigata Cyber Insurance
2. Tata AIG General Insurance
Tata AIG is a household name in the insurance sector, offering a wide range of products, including cyber insurance. Their policies cover a vast array of cyber risks, such as data breaches, cyber extortion, and network security liability. Tata AIG’s extensive experience and robust customer service make it a reliable choice for businesses looking to shield themselves from cyber threats.
Key Features:
- Coverage for data breaches, cyber extortion, and network security.
- Strong customer support and claims service.
- Customizable policies to fit different business needs.
3. ICICI Lombard General Insurance
ICICI Lombard offers a comprehensive cyber insurance policy tailored to protect businesses from various cyber risks. Their coverage includes data breaches, legal costs, and network security failures. ICICI Lombard’s cyber insurance caters to the needs of SMEs and large enterprises, providing a safety net against financial losses due to cyber incidents.
Key Features:
- Coverage for data breaches, legal expenses, and network security failures.
- Suitable for SMEs and large enterprises.
- Strong financial backing and claims support.
Know More: Cyber Insurance – ICICI Lombard
4. Bajaj Allianz General Insurance
Bajaj Allianz is a leading player in the cyber insurance market in India. Their cyber insurance product covers a wide spectrum of cyber risks, including data loss, cyber extortion, and business interruption due to cyber incidents. Bajaj Allianz’s dedication to innovation and customer satisfaction has earned them a solid reputation in the industry.
Key Features:
- Comprehensive coverage for data loss, cyber extortion, and business interruption.
- Focus on innovation and customer satisfaction.
- Robust risk management solutions.
Know More: Cyber Insurance – Bajaj Allianz General Insurance
5. HDFC ERGO General Insurance
HDFC ERGO offers a strong cyber insurance policy that covers individuals and businesses against various cyber threats. Their coverage includes data breaches, cyber extortion, and online fraud. HDFC ERGO is known for its excellent customer service and quick claims processing, making it a preferred choice for many.
Key Features:
- Coverage for data breaches, cyber extortion, and online fraud.
- Excellent customer service and quick claims processing.
- Suitable for both individuals and businesses.
Know More: Cyber Insurance – HDFC ERGO General Insurance
6. New India Assurance
New India Assurance provides cyber insurance policies tailored to the needs of businesses across different sectors. Their policies cover data breaches, network security liability, and cyber extortion. With a strong presence in the Indian insurance market, New India Assurance is a trusted name for reliable cyber insurance coverage.
Key Features:
- Comprehensive coverage for data breaches, network security, and cyber extortion.
- Trusted name in the Indian insurance market.
- Customized solutions for different sectors.
7. SBI General Insurance
SBI General offers cyber insurance solutions designed to protect businesses from emerging cyber threats. Their coverage includes data breaches, business interruption, and cyber extortion. SBI General’s policies are customizable, making them suitable for both SMEs and large enterprises.
Key Features:
- Coverage for data breaches and business interruption.
- Customizable policies to meet business needs.
- Strong presence across India with trusted banking heritage.
8. Reliance General Insurance
Reliance General Insurance provides comprehensive cyber insurance for individuals and businesses, covering data breaches, cyber extortion, and liability arising from network security failures. Their cyber insurance is designed to offer quick and reliable protection, especially for enterprises looking for robust coverage.
Key Features:
- Coverage for cyber extortion, liability, and data breaches.
- Fast claims processing.
- Comprehensive support for network security failures.
9. National Insurance
National Insurance’s cyber insurance policies are targeted at businesses of all sizes. Their coverage includes cyber extortion, business interruption, and liability arising from data breaches. Known for their strong customer support, National Insurance is a trusted name for businesses seeking reliable cyber insurance in India.
Key Features:
- Coverage for cyber extortion, business interruption, and data breaches.
- Strong customer service and claims processing.
- Flexible policies for SMEs and large enterprises.
10. Digit Insurance
Digit Insurance provides straightforward and affordable cyber insurance options for businesses and individuals. Their coverage spans a wide range of cyber risks, including identity theft, malware attacks, and data breaches. Digit Insurance’s user-friendly digital platform and hassle-free claims process make them a popular choice in the cyber insurance market.
Key Features:
- Affordable coverage for identity theft, malware attacks, and data breaches.
- Easy-to-use digital platform.
- Hassle-free claims process.
Comparison Table: Why Mitigata is Best cyber insurance company of India ?
Feature |
Mitigata |
Tata AIG |
ICICI Lombard |
HDFC ERGO |
Bajaj Allianz |
SBI General |
Reliance General |
National Insurance |
Digit Insurance |
Cyber & Liability Insurance |
Yes (Cyber & All Liability: D&O, PI, Crime, CGL, WC, etc.) | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Risk Quantification & coverage |
Yes (Data-Backed Risk Quantification & Coverage calculation with gap assessment) | No | No | No | No | No | No | No | No |
Know Your Insurance Sessions |
Yes (With key management and stakeholders) | No | No | No | No | No | No | No | No |
Mitigata Cybersecurity Tools |
Yes (Cyber Attack Surface, Third-party & Employee Risk Monitoring) (Free for 1 year with Insurance – Worth $5000) |
No | No | No | No | No | No | No | No |
Monthly Cybersecurity Scans |
Yes (Vulnerabilities, Dark web & hacker chatter scans for breach conversations) | No | No | No | No | No | No | No | No |
Employee Phishing Simulation |
Yes (Next-gen tool for Phishing Campaigns + Training worth $3000) | No | No | No | No | No | No | No | No |
Employee Cybersecurity Training |
Yes (In-person or online cybersecurity training for employees) | No | No | No | No | No | No | No | No |
Cybersecurity & Compliance Marketplace |
Yes (Up to 30% discount on 500+ Cybersecurity and 100+ Compliance products) | No | No | No | No | No | No | No | No |
Dedicated Incident POC |
Yes (Free personalized support email, e.g., your-company-name@mitigata.com) | No | No | No | No | No | No | No | No |
Fast Claims Processing |
Yes (24/7 Dedicated Support with Incident Response Partners) | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Incident Response Support |
Yes (In-house team & 100+ digital forensic partners for instant response) | No | No | No | No | No | No | No | No |
Legal & PR Support |
Yes (Access to 50+ Legal & PR experts for cyber incidents) | No | No | No | No | No | No | No | No |
Personal Cyber Insurance |
Yes (Mitigata Protect+) | No | No | Yes | No | No | No | No | Yes |
Customizable Phishing Campaigns |
Yes (Next-gen tool with custom templates and lookalike domains) | No | No | No | No | No | No | No | No |
Compliance Marketplace Discounts |
Yes (Up to 30% discounts on compliance tools, audits like ISO, SOC 2, etc.) | No | No | No | No | No | No | No | No |
24/7 Support |
Yes (Dedicated 24/7 email and phone support with 20-min avg. response time) | Limited | Limited | Limited | Limited | Limited | Limited | Limited | Limited |
FAQ Section
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What are the best cyber insurance companies in India?
Some of the best cyber insurance companies in India include Mitigata, Tata AIG, ICICI Lombard, HDFC ERGO, and Bajaj Allianz. These companies offer comprehensive coverage and have a strong reputation for excellent customer service and claims processing.
Know More: Book A Demo. -
Who are the top cyber insurance companies in India?
The top cyber insurance companies in India are Mitigata, Tata AIG, ICICI Lombard, HDFC ERGO, Bajaj Allianz, and New India Assurance. These insurers are known for their tailored policies, quick claims processing, and robust support for businesses and individuals.
Know More: Cyber Insurance For Your Business. -
What does cyber insurance in India cover?
Cyber insurance in India generally covers financial losses from data breaches, cyber extortion, business interruption, legal fees, and recovery efforts related to cyberattacks. In addition, many top cyber insurance companies offer extra features like built-in cybersecurity tools and risk management support.
Know More: Cyber Insurance: Terms and Conditions. -
Which is the best cyber insurance company in India for businesses?
Mitigata is considered one of the best cyber insurance companies in India for businesses. It offers specialized policies with comprehensive coverage, built-in cybersecurity features, and proactive risk management to help businesses mitigate cyber threats effectively.
Know more about Mitigata. -
Why is cyber insurance important for Indian businesses?
As cyberattacks continue to rise, businesses in India are increasingly vulnerable to financial and reputational damage. Cyber insurance in India provides critical protection against such risks, helping businesses recover from data breaches, cyber extortion, and other cyber incidents.
Quick Read: Corporate Cyber Insurance vs. Corporate Crime Insurance: Why Indian Businesses Need Both. -
How do I choose the best cyber insurance in India?
To choose the best cyber insurance in India, start by comparing policies from top providers like Mitigata, Tata AIG, and ICICI Lombard. Then, focus on coverage that meets your specific needs, such as protection against data breaches, business interruption, and cyber extortion. Finally, consider the insurer’s reputation for claims support to ensure reliable assistance during a cyber incident.
Know more: Cyber Insurance: How to Choose the Right One for Your Organization. -
Are individuals in India eligible for cyber insurance?
Yes, individuals in India can get personal cyber insurance policies from providers like Mitigata, which offers its Mitigata Protect+ plan. This covers identity theft, phishing attacks, online fraud, and other cyber risks specific to personal digital safety.
Know more about Personal Cyber Insurance.
Conclusion
In 2024, several cyber insurance companies in India stand out for their comprehensive coverage and excellent customer service. Companies like Mitigata, Tata AIG, ICICI Lombard, Bajaj Allianz, HDFC ERGO, and New India Assurance offer robust policies that cater to the needs of both individuals and businesses. Finally, when choosing a cyber insurance companies, it’s crucial to compare the coverage options, read reviews, and consider the provider’s reputation in the market.
For personalized cyber insurance solutions that come with built-in cybersecurity features, consider Mitigata. With their innovative approach and commitment to customer satisfaction, Mitigata is a top choice for safeguarding your digital world.
By considering the companies listed above, you can make an informed decision to protect yourself and your business from the ever-evolving cyber threats.
Also Read: Cyber insurance for companies in India – everything you need to know!
