Onsurity introduces new cyber insurance for India’s SMEs

Onsurity introduces new cyber insurance for India's SMEs

Onsurity, a Bengaluru-based firm and India’s premier monthly subscription-led employee healthcare benefits provider, has unveiled its latest offering for India’s SME sector.

With an escalating number of cyber security incidents in India – reporting a staggering 13.91 lakh incidents in 2022 – the urgency for effective cyber insurance solutions has surged. As digital threats advance, and e-commerce and digital platforms spearheaded by ONDC flourish, SMEs, irrespective of their digital proficiency, now find cyber insurance indispensable.

Established in February 2020, Onsurity is focused on bringing healthcare benefits to India’s SMEs, start-ups, and large enterprises. Serving over a million lives, Onsurity collaborates with numerous companies, from start-ups like Jupiter Money and CleverTap to established giants like DBS Bank and Pantaloons. With a dedication to making healthcare attainable for India’s missing middle, Onsurity offers innovative monthly subscription plans for businesses, facilitated through its Super App, upholding the broader mission of buttressing businesses in their entirety.

Onsurity’s Cyber Insurance is designed to provide SME businesses with robust protection against online threats. This comprehensive suite of coverage shields against a myriad of cyber issues, from data breaches and ransomware attacks to business interruptions and related legal expenses. This bespoke solution is crafted explicitly for SMEs to help them navigate the financial and reputational turmoil stemming from cybersecurity breaches.

Beyond just financial protection, the aftermath of a data breach could imperil invaluable intellectual assets. To address this, Onsurity offers a ₹ 1 crore cover at a cost of only ₹ 50,000 annually. This policy not only safeguards the company but also its pivotal managerial staff including roles like Directors, CFO, CTO, and CISO.

Onsurity has garnered support from notable entities such as Quona Capital, Nexus Venture Partners, and Whiteboard Capital. Notably, in October 2022, cricket icon Anil Kumble embraced the role of a strategic advisor for the company. Onsurity’s impressive trajectory was acknowledged when it was dubbed “Dun & Bradstreet Start-up 50 Trailblazer 2023” by D&B India.

Onsurity CEO Yogesh Agarwal said, “With Onsurity Plus, our commitment to safeguarding businesses now extends beyond just their employees’ healthcare needs. With the launch of our Cyber Insurance product, we aim to empower SMEs across India with a robust defence against the escalating threat of cyberattacks.

“With the new Digital Personal Data Protection (DPDP) Bill, it will become imperative for companies to prioritise cybersecurity and take all the necessary measures to prevent data breaches and protect sensitive information from unauthorised access. Therefore, investing in the right cyber insurance product will become paramount.”

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