The country reportedly lost a whopping $4 billion in fiscal 2016 to cyber crimes, while globally, the economic loss due to cyber crimes stood at $455 billion in 2016. According to insurance industry reports, cyber crimes are growing at 40-50% annually globally. While private sector lender Axis Bank is reported to have taken cyber insurance cover from HDFC Ergo, as many as 20 state-owned lenders are seriously in talks with insurers to get cyber insurance cover. “We are in talks with quite a few banks to provide cyber insurance cover to them,” New India Assurance chairman G Srinivasan said without divulging any details. “Cyber threat is on the rise in recent times for the banks and therefore they must go for cyber insurance cover,” Srinivasan said.

Source: Mint February 19, 2017 05:49 UTC