National Insurance Academy Unveils Centre for Insurance & Cyber Security, Launches Key Research Report

In a significant move to address the rising challenges of cyber threats in the insurance sector, the National Insurance Academy (NIA), Pune, has inaugurated its new Centre of Learning in Insurance and Cyber Security. This strategic initiative aims to equip industry professionals with the knowledge and tools needed to mitigate cyber risks effectively.

A Collaborative Step Towards Cyber Risk Management

The newly launched Centre of Learning is a pioneering effort in collaboration with the Indian Computer Emergency Response Team (CERT-In), New Delhi. The initiative is designed to bolster research, innovation, and skill development in Cyber Security Risk Management. In a step towards strengthening this partnership, a leading scientist from CERT-In has been nominated to provide technical guidance on ongoing and future projects.

Additionally, NIA has signed a Memorandum of Understanding (MoU) with C3i Hub, IIT Kanpur, to facilitate industry-specific research in cyber security risk and insurance. This collaboration will drive data-driven solutions and advanced risk assessment methodologies, ensuring that the insurance industry stays ahead of emerging cyber threats.

Vision for a Resilient Future

Speaking at the inauguration, Shri B. C Patnaik, Director, NIA, emphasized the academy’s unwavering commitment to research and education at the intersection of cyber security and insurance. He stated:

“The launch of this Centre of Learning reaffirms NIA’s commitment to pioneering research and education. With evolving cyber threats, the industry must stay ahead with robust risk mitigation strategies. This initiative underscores NIA’s dedication to equipping the insurance industry with future-ready leaders and fostering a sustainable, resilient framework for cyber risk management.”

Inauguration Attended by Industry Stalwarts

The inauguration event was attended by key industry leaders, including:

• Shri Rajay Kumar Sinha, Member (Finance & Investment), Insurance Regulatory and Development Authority of India (IRDAI)
• Shri Sanjay Kedia, CEO, Marsh McLennan India
• Prof. Sandeep Shukla, C3i Hub, IIT Kanpur

These dignitaries shared their insights on the evolving landscape of cyber risk underwriting and the pressing need for insurers to develop robust strategies against cyber threats. Their discussions highlighted the growing convergence of technology and insurance, underlining the necessity of industry-wide collaboration.

Launch of Research Report on Cyber Risk Underwriting

Following the inauguration, Shri Rajay Kumar Sinha, Shri Sanjay Kedia, and Shri B. C Patnaik jointly unveiled a comprehensive research report titled “Cyber Risk Underwriting.” This study delves deep into the complexities of cyber risk assessment and its implications for the insurance industry. The report provides valuable insights into evolving cyber threats, risk quantification, and policy frameworks designed to protect businesses from financial losses caused by cyber incidents.

The event saw the participation of a distinguished gathering of CEOs, Chief Risk Officers (CROs), Chief Technology Officers (CTOs), insurance brokers, Insurtech professionals, and risk management experts. Their enthusiastic response highlighted the increasing relevance of cyber security in today’s insurance sector.

The Growing Need for Cyber Risk Insurance

As digital transformation accelerates across industries, cyber threats have become a significant concern for businesses of all sizes. Data breaches, ransomware attacks, and financial frauds have resulted in substantial financial and reputational damages. The establishment of this Centre of Learning in Insurance and Cyber Security is a timely response to the growing demand for expertise in cyber risk underwriting and mitigation.

With cyber insurance becoming a critical component in enterprise risk management, the role of research-driven insights and advanced risk modeling cannot be overstated. The launch of this initiative places NIA at the forefront of shaping the future of cyber risk management in India’s insurance sector.