CXOToday has engaged in an exclusive interview with Mr Najm Bilgrami, National Head- Financial Lines, TATA AIG.
With the growing prevalence of cyber risks, how is Tata AIG addressing the challenges businesses face in safeguarding their operations?
At Tata AIG, our mission is to empower organizations to confidently navigate the complexities of today’s risk landscape. Recognizing the growing threat of cyber risks, we were proud to launch India’s first Cyber Liability Policy in 2014. Since then, as the frequency and sophistication of cyber threats have evolved, we’ve developed a comprehensive solution that goes far beyond just providing indemnity.
Our offering not only helps businesses recover after a cyber event but also proactively strengthens their risk posture. Through our Loss Prevention Services, organizations can improve on cyber risk posture, while our global incident response panel—including leading forensic experts, international law firms, and crisis management consultants—ensures they can effectively manage and minimize the financial and reputational impact of cyber incidents. At Tata AIG, we’re committed to helping businesses stay resilient in an ever-changing digital world.
What are your growth projections for the cyber insurance market between 2025 and 2030, and how does Tata AIG plan to capitalize on this trend?
Cyber insurance has emerged as a standout product in the liability insurance space, reflecting its critical importance in today’s digital age. The Indian cyber insurance market, currently valued at INR 850 crores, is poised for significant expansion, with an expected CAGR of 25% over the next five years. At Tata AIG, we are deeply committed to enhancing cybersecurity resilience. With our new CyberEdge offering, we aim to secure a 25% market share by 2030. This ambitious growth will be fuelled by strategic risk selection, a robust cybersecurity ecosystem powered by trusted partners, and a continued focus on thought leadership in the cyber insurance domain.
Which industries are driving the highest demand for cyber insurance, and how does CyberEdge cater specifically to their needs?
Traditionally, demand for cyber insurance has been driven by IT, BPOs, and banks. However, we are now seeing a significant rise in interest from manufacturing and SME sectors, which have become key targets for cybercriminals. Our CyberEdge solution caters to this evolving demand by offering tailored coverages such as bricking recovery expenses, enhanced network interruption protection, and support for recovery costs.
What role do you see Tata AIG playing in shaping the future of cybersecurity and insurance solutions in India?
At Tata AIG, we are dedicated to building a safer and more resilient digital ecosystem in India. Through our CyberEdge offering, we go beyond financial protection to actively help businesses strengthen their cyber resilience. Our approach integrates continuous risk assessment, innovative policy features such as discovery-based coverage, and partnerships with leading global cybersecurity experts. By prioritizing education and awareness, we aim to set new standards in proactive cyber risk management, empowering businesses to navigate today’s evolving threat landscape with confidence.
How is Tata AIG preparing to tackle the evolving landscape of cyber threats and offer innovative insurance solutions?
The constantly evolving threat landscape calls for agility and innovation in cyber risk management. Tata AIG’s CyberEdge is designed to meet the challenges of modern threats, offering enhanced features such as first response cost coverage for immediate incident management, expanded network protection, and dark web monitoring for our clients. It addresses critical risks like ransomware attacks, regulatory investigations, and liabilities arising from the loss of personal or corporate information. Additionally, Tata AIG is reinforcing its underwriting expertise and service ecosystem to deliver best-in-class, comprehensive cyber insurance solutions.
Can you elaborate on the key trends in cybersecurity that businesses should be aware of and how they will influence insurance policies in the future?
Key cyber risk trends today include the surge in ransomware attacks, supply chain targeting for extortion, exploitation of vulnerabilities arising from remote work, and the prevalence of data exfiltration combined with extortion. Additionally, the growing need to comply with data protection regulations like the DPDP Act is significantly influencing the cybersecurity landscape.
In response, insurance policies are evolving to offer comprehensive solutions. These include proactive loss prevention services such as Employee Cybersecurity eLearning, Phishing Simulators, Blacklist IP Blocking, Domain Protection, and Vulnerability Scanning. Policies now also address regulatory exposures, covering areas such as investigations and administrative fines (subject to insurability), among others.
Tata AIG’s CyberEdge exemplifies our commitment to anticipating and meeting these challenges by integrating these critical features into our offerings, ensuring businesses are equipped to navigate the complexities of the future cyber risk landscape.
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