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‘National Cyber Security Strategy will have framework for cyber insurance’: Rajesh Pant

National cyber Security Coordination Lt Gen. Rajesh Pant
National cyber Security Coordination Lt Gen. Rajesh Pant

India's upcoming National Cyber Security Strategy will deal with cyber insurance, Lt Gen. (Dr) Rajesh Pant, the National Cyber Security Coordinator, said on Monday. He reiterated that the much awaited Strategy is in the final stages of approval, and will deal with subjects such as indigenisation of technology and decentralisation of cybersecurity responsibilities. It is also expected to have provisions for funding cybersecurity work. Pant was speaking at the event "CyberComm: Cyber Security for Atmanirbhar Bharat", organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). He said the the National Cyber Security Strategy is currently being considered at the "highest level" awaiting signatures. The five-year Strategy (2020-2025) has been in the works since 2019 and will succeed India’s 2013 cybersecurity policy. Pant had earlier said that the Strategy is just awaiting nod from the Cabinet and will hopefully be out in October. Policy will recommend legislative framework for cyber insurance Pant said that the the policy will include a legislative framework for cyber insurance. Cyber insurance is an under-explored concept in India. In an April 2019 report, the Data Security Council of India (DSCI) had noted that only 350 cyber insurance policies had been sold in 2018, accounting for a yearly cyber premium of just ₹80-100 crore. A more recent report from July 2020 by the Financial Express put this figure at ₹200-220 crore during the previous financial year, while the share of the overall insurance premiums in the country amounted to ₹1.89 lakh core. A detailed policy…

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