This paper investigates the strategic necessity and economic viability of cyber insurance for Indian Small and Medium Enterprises (SMEs). As SMEs are increasingly targeted and lack extensive cybersecurity budgets, a single cyber incident can be catastrophic. The study argues that cyber insurance serves as a vital risk transfer mechanism, covering critical first-party costs (e.g., forensics, business interruption, extortion) and third-party liabilities (e.g., regulatory fines, legal fees). Crucially, the approach emphasizes that insurance is effective only when integrated with proactive cybersecurity hygiene as part of a holistic risk management strategy.
Rokade et al. (Thu,) studied this question.
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