No plans to bring standard products for cyber liability insurance policy: IRDAI Member

• Follow

A senior member at IRDAI told the media that there have been no plans as of now, by the Insurance Regulatory and Development Authority of India (IRDAI) to bring standard products for the cyber liability insurance policy. The insurers have been given guidelines to check the risks associated with these kinds of products.

IRDAI had assigned a working group to assess bringing standardisation of cyber liability insurance policy. It has also issued a circular for the product structure for cyber insurance. This was aimed so that insurers are able to come up with products that will better fit the market.

S N Rajeswari, member, Irdai said that the working group has advised that they will not come out with the standardisation of the cyber liability insurance policy. Considering the cyber law and expanding digital system, the decision has been taken. With the risks associated, the group has decided that the time is not right for standardisation.

“IRDAI had earlier released a circular to enable the insurers to assess the new technologies that are forcing the cyber risks and identify what is the protection gap,” Rajeswari said.