Nobody warned Laxmi Shetty how Charter Accountancy could consume somebody’s life. It was a lesson she learnt much later. Laxmi spent the better part of her 20s glued to her thick Charter Accountancy books and now as a business-savvy woman of 53 years, Laxmi can finally look back and laugh. As an owner of a Charter Accountancy firm based out of Hyderabad, Laxmi had big brands and influential people of Hyderabad society on her client roaster. She was privy to confidential company information, secret ledgers and gigantic turnovers, all secrets stored safely on her office computer. But a minor scare with a possible cyber invasion sent her fear overdrive. It happened when someone stole her credit card information and deducted a sizable chunk out of her bank account.
A prompt phone call to her bank took care of the stolen card but the traces of fear lingered. Without losing any time, Laxmi reached out to her IT team who suggested she invest in Cyber Insurance to protect her interests. They went a step further by connecting her to an InsurTech company, which after knowing Laxmi’s predicament offered her a plan that would secure her firm against any future cyber attacks or malware attacks. The report by Deloitte suggests that the present valuation of the Indian cyber insurance market stands at US$ 50–60 million, having sustained a consistent 27–30 per cent Compound Annual Growth Rate (CAGR) over the past three years. Forecasts anticipate this growth trajectory to persist for the next 3–5 years, propelled by a heightened recognition of the importance of Cyber Insurance.
About the product:
Cyber Insurance: Cyber Insurance or a Cyber Protection Plan helps in protecting devices from the digital menace. They safeguard from any kind of cyber attack, phishing scam, cyber fraud and other internet based frauds. It also covers any loss arising due to unauthorised transaction, with or without PIN or double authentication, e-mail spoofing, identity theft, social engineering, SIM card swapping etc. Some policies also cover post cyber attacks incidences as well as provide worldwide coverage.Â
Note: Laxmi Shetty's is a story inspired by true events and any resemblance to anyone dead or alive is a sheer coincidence.
