CYBER INSURANCE IN INDIA: NAVIGATING LEGAL FRAMEWORKS

AUTHOR – BOOBESH S, STUDENT AT SASTRA DEEMED UNIVERSITY

BEST CITATION – BOOBESH S, CYBER INSURANCE IN INDIA: NAVIGATING LEGAL FRAMEWORKS, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (4) OF 2024, PG. 644-652, APIS – 3920 – 0001 & ISSN – 2583-2344.

Abstract

                Cyber insurance, also referred to as cyber liability or cyber risk insurance, defends against internet-based dangers that have emerged rapidly within a couple of years. Cyber insurance coverage went from covering primarily online software in the 2000s into a broad array of risks that consist of network security breaches, unauthorized access, data loss, and even virus-related incidents. The newer threats of data breaches and ransomware and identity theft have emerged as a vital tool in the cyber insurance risk management. However, this is still quite nascent in India-the regulatory changes, such as the 1938 Act of Insurance and the Information Technology (IT) Act of 2000, providing for utterly insufficient resolutions to stand apart against specific cyber risks. The paper will look at cyber insurance in the law structure of India: key drivers and challenges to its growth. It positions the need for legal reforms-including required breach reporting, a comprehensive Data Protection Law, and standardization of cyber insurance policies. This would therefore also strengthen the legal framework, boost confidence in cyber insurance, support the market’s growth, and improve the general cybersecurity scenario in the country as these threats continue to evolve.

KEYWORDS – Cyber Insurance, India, DPDP Act, IT Act, Insurance Act.