How cyber insurance law is shaping in India

The IRDAI has released guidelines to insurers on how to structure cyber insurance for individuals and gaps that need to be filled, which may enable those who transact online sleep more soundly. The guidelines state that cyber insurance should include protection from financial and identity theft, unauthorised online transactions, and email spoofing, among other things. The rise in digital frauds and cyber theft during the pandemic has been underlined by the Insurance Regulatory and Development Authority of India (IRDAI) to highlight the necessity for the aforementioned. Also, since professionals have been working from home owing to the COVID-19 epidemic, according to the national cyber security organisation Computer Emergency Response Team of India (CERT-In), there has been an upsurge in the frequency of cyberattacks on routers and personal computer networks. Points of discussion 1. India's cyber security insurance has seen many developments in the recent times. Can you highlight some important changes that has been brought by the IRDAI recently? 2. How has cyber insurance changed in terms of claims settlement and how is the regulator responding to this? 3. What do you see as the future of cyber law and its execution in India as we move to a more digitally driven society? Speaker Bio: Vivek Ramji Iyer, is the Partner for Risk Advisory Practices at Grant Thornton India LLP. Vivek has over 18 years of experience with specialization in the domains of banking, NBFC, capital markets, insurance and fintech and he works very closely with the regulators on matters of industry importance. He is a regular speaker at various external events and has authored multiple thought leaderships within the financial services domain.