YouTubers run for cover, but insurers lack policy umbrella
YouTubers, facing a surge in cyberattacks, are increasingly exploring cyber insurance to protect their businesses and digital assets. The recent hacking of popular creator Ranveer Allahbadia's channel, which resulted in the deletion of several videos, has raised the need of content creators.
Content creators with 100,000 subscribers typically earn ₹75,000 to ₹2.25 lakh per month, while those with over one million followers can rake in as much as ₹7.5 lakh monthly, excluding additional earnings from promotions of ₹5 lakh to ₹20 lakh, experts said. India has over 92,935 YouTube channels with at least 100,000 subscribers, making it the largest market for such content worldwide.
«After this incident, we expect demand for cover from YouTubers to come,» said Sharad Mathur, MD and CEO, Universal Sompo General Insurance. «Now, they have realised the kind of risk they are exposed to and need to cover their content.»
Industry experts believe that if insurers begin to offer such products, they will have to account for the diverse revenue streams creators rely on, from co-branding to paid promotions. These policies would need to cover a wide array of risks, from hacking and content loss to platform outages, posing challenges for insurers in pricing the product.
Ankur Warikoo, a prominent Indian YouTuber, said that while cyber insurance exists, it doesn't cater to creators' specific needs. «Like celebrities who insure their voices or body parts, YouTubers need policies tailored to their digital assets,» he said.
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