India’s Finance Ministry Calls for Cyber Insurance Push as Digital Threats Escalate
New Delhi (TOI) – In a decisive policy signal, India’s Ministry of Finance has urged the insurance sector to step up efforts in offering robust and inclusive cyber insurance solutions, as the nation confronts a sharp rise in digital fraud and data breaches.
The government’s call comes amid mounting incidents of phishing, UPI-related scams, malware intrusions, and unauthorized access to personal information — attacks that are increasingly targeting individuals, small businesses, and digitally vulnerable groups.
The ministry is also encouraging insurers to develop cost-effective policies tailored for high-risk demographics such as senior citizens, MSMEs, and heavy digital users. These policies are expected to cover financial damages, data restoration, legal liabilities, and costs associated with notifying affected customers.