Tata AIG Launches CyberEdge to Protect Indian Businesses

Tata AIG General Insurance Company has rolled out CyberEdge, a robust cyber insurance solution aimed at safeguarding Indian businesses from rising cyber risks. This move supports the company’s strategic target of capturing 25% of the cyber insurance market within the next five years.

Key Features of CyberEdge

• 24/7 First Response Coverage: Offers immediate access to cyber risk management experts within two hours of an incident, ensuring quick damage control.
• Comprehensive Protection: This covers areas such as forensic investigations, legal expenses, data recovery, extortion payments, and business interruption losses.
• SME-Specific Coverage: Tailored to address the cybersecurity gaps often found in small and medium-sized enterprises.

Market Overview and Growth Outlook

The Indian cyber-insurance market, valued at ₹850 crore in 2024, is expected to grow at a 25% compound annual growth rate (CAGR) from 2025 to 2030. This expansion is driven by the rising number of cyberattacks, with India recording 79 million incidents in 2023 and predictions of this figure reaching 1 trillion by 2033.

Regulatory Developments

In 2022, the Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines to strengthen cyber insurance policies, particularly focusing on coverage for individuals against threats like identity theft, online fraud, and data breaches.

Strategic Move

With CyberEdge, Tata AIG aims to establish itself as a frontrunner in India’s rapidly expanding cyber insurance market, addressing the growing demand from IT firms, BPOs, banks, and other sectors seeking comprehensive protection against digital threats.