With an escalating number of cybersecurity incidents in India – reporting a staggering 13.91 lakh incidents in 2022 – the urgency for effective cyber insurance solutions has surged. SMEs, irrespective of their digital proficiency, now find cyber insurance indispensable. In response to this growing need, Onsurity has launched a Cyber Insurance product specifically designed to provide SME businesses with robust protection against online threats.
Cyber insurance for SMEs
In today’s digital landscape, businesses of all sizes face the risk of cyberattacks. SMEs, often with limited resources and expertise, are particularly vulnerable. Recognizing this, Onsurity offers a specialized cyber insurance solution tailored for SMEs, ensuring that they have access to the necessary protection. This insurance has become essential for SMEs, regardless of their digital proficiency, as the potential losses from a cyberattack can be devastating.
Coverage Provided
Onsurity’s Cyber Insurance offers a comprehensive suite of coverage that shields SMEs against a myriad of cyber issues. The policy covers various aspects, including data breaches, ransomware attacks, business interruptions, and related legal expenses. This holistic approach ensures that SMEs have a safety net to mitigate the financial repercussions of a cyber incident.
Protection of intellectual assets
Beyond just financial protection, the aftermath of a data breach could jeopardize invaluable intellectual assets. SMEs often rely on their intellectual property and trade secrets for a competitive advantage. To address this concern, Onsurity’s Cyber Insurance includes a ₹1 crore cover at a cost of only ₹50,000 annually. This additional safeguard helps SMEs preserve their intellectual assets in the event of a cyberattack.
Coverage for management staff
Cybersecurity is not just a concern for the overall company, but also for its pivotal managerial staff. Onsurity’s Cyber Insurance policy extends its protection to roles such as Directors, CFOs, CTOs, and CISOs. By including these key individuals, the policy ensures that the entire leadership team is covered and can effectively lead the company through any cyber incident.
Onsurity’s CEO Statement
Yogesh Agarwal, CEO of Onsurity, emphasized the importance of empowering SMEs with a robust defense against the escalating threat of cyberattacks. He stated, “With the launch of our Cyber Insurance product, we aim to provide SMEs across India with comprehensive protection and peace of mind. Our goal is to support their growth and success by ensuring they have the necessary tools to combat cyber threats.”
The Need for Cyber Insurance with DPDP Bill
With the introduction of the new Digital Personal Data Protection (DPDP) Bill, it will be imperative for companies to prioritize cybersecurity and take all necessary measures to prevent data breaches and protect sensitive information from unauthorized access. Failure to do so can result in severe penalties and reputational damage. Therefore, investing in the right cyber insurance product will be paramount for SMEs to comply with the DPDP Bill and safeguard their businesses from potential financial and legal liabilities.
In an era of increased cyber threats, SMEs need to be proactive in protecting their digital assets. Onsurity’s Cyber Insurance product provides SMEs with comprehensive coverage against the evolving landscape of cyber risks. By offering robust protection, including coverage for intellectual assets and crucial managerial staff, Onsurity aims to empower SMEs to navigate the digital landscape with confidence. With the introduction of the DPDP Bill, cyber insurance will no longer be a luxury but a necessity for businesses, and Onsurity’s Cyber Insurance solution is well-positioned to address this crucial need in the market. SMEs can now embrace the digital world with peace of mind, knowing that they are protected by a reliable and comprehensive cyber insurance solution.