Under attack, banks bolster cyber covers, opt for higher sum assured to protect against hits

Mumbai: Large financial services companies are seeking to expand their cyber insurance cover amid rising frequency of cyberattacks and increasing cost of business disruption, even as competition among insurers keeps premiums under pressure.

A large non-bank financial company plans to buy a cyber insurance policy of ₹2,000 crore next month, up from ₹1,400 crore last year, according to an insurance industry executive familiar with the placement. The increase reflects concerns that even a temporary disruption to technology systems could result in a substantial financial loss.