Cyber insurance claims in banking surge past ₹150 crore
In short
Cyber insurance claims in banking have climbed past ₹150 crore, according to a Business Standard summary. The report says ransomware attacks and data breaches are driving the rise, but premiums are still soft because reinsurance capacity is higher.
This matters for banks and insurers because losses are rising while prices stay low. The story does not name affected banks or say whether policy terms changed.
What the reporting says
Cyber insurance claims in the banking sector have surged past ₹150 crore, while premium rates stayed soft, according to a Business Standard summary. The report links the rise in claims to increasing ransomware attacks and data breaches, and says greater reinsurance capacity is keeping pricing under pressure. It does not state which banks were affected or whether underwriting terms changed.
Why it matters
Cyber insurance claims in the banking sector have surged past ₹150 crore, according to the publisher summary, as ransomware attacks and data breaches increased. The same report says stronger reinsurance capacity is keeping premium rates soft. That combination suggests higher claims costs for banks and continued pricing pressure for insurers, though the reporting does not identify specific institutions or contract changes.