Cyber Claims Hit ₹150 Cr: Is Your Bank Data Safe?

Ransomware attacks on banks have pushed cyber insurance claims past ₹150 crore. Premiums are still affordable. Here's what this means for your money and personal data safety.

Here's what happened: Cyber insurance claims in India's banking sector have crossed ₹150 crore, driven by a surge in ransomware attacks and large-scale data breaches targeting financial institutions.. Despite rising claims, premium rates remain soft because global reinsurers are adding capacity to the Indian cyber insurance market, keeping costs low for banks.. The trend signals that cyberattacks on banks are becoming more frequent and costly, raising the risk that customer data — including KYC, loan, and account details — is being compromised..

What you should do: Enable free CIBIL or Experian credit alerts so you are notified instantly if a new loan or credit card is opened in your name after a potential data breach.. Check whether your email or phone number has been exposed in known data breaches by visiting haveibeenpwned.com — free and takes under two minutes.. Turn on SMS and app-based transaction alerts for every bank account and credit card, and immediately call your bank's 24-hour helpline if you spot an unrecognised transaction..

Banks' cyber insurance pays the bank — not you. File a complaint on RBI's Sachet portal and cybercrime.gov.in within 24 hours of any fraud for the best chance of recovery.

For borrowers watching their score, our CIBIL score guide covers what impacts it and how to improve it.