Why do one need Individual Cyber Safe policy?

The most dangerous thing about cyber threats is that they are usually not detectible until after they have already happened. Unlike a stalker in real life, a cyber stalker cannot be seen and unlike a suspicious person lingering near an ATM, phishers are hard to perceive. Considering all the possible cyber threats and risks one is exposed to every time online, Cyber Insurance Policy is indispensable to protect oneself from such cyber attacks.

What is Corporate Cyber Insurance?

Corporate cyber insurance policy covers your losses and business liability arising out of a cyber security breach. The policy offers complete insurance protection to your business against cyber or digital risks that can result in a financial loss to the insured and reputational loss to a third party because of a breach in the insured’s systems.

Who needs Corporate Cyber Insurance?

Today every organization is highly prone to cyber-attack/incidents such as- data alteration/deletion, cyber extortion for ransom from database encryption, network lockdown, system failure, system encryption, service unavailable, unauthorised access, fraudulent fund transfer and many more. Therefore, it is extremely necessary that the corporate sector should adopt this practice for insuring their cyber security regardless of the size of an organization. Besides, a cyber attack can result in data exploitation involving highly sensitive customer information, employees data, business or contract details, financial information, shareholders information and other important data. The insurance also pays for the costs incurred in restoration of such data or a legal liability arising out of a third party personal information being misused or leaked.

Why do you need Corporate Cyber Insurance?

It is extremely necessary that the corporates should adopt this policy in order to secure all their financial data, employees & customers’ data, programs, computer and network of an organization from the unauthorized access and exploitation.
Also, in case of a cyber attack there are high costs required to be incurred for forensics, investigation, ransom-ware, and losses related to business interruption of the insured post an attack. Implementation of corporate cyber security will not only minimize the risks of data breach but will also improve a firm’s mean-time to respond to an attack.

What is covered by Cyber Insurance?

● Individual Security & Privacy Liability: The Insurer will pay the Loss arising out of a Security Breach and/or Privacy Breach by the Insured.
● Multimedia Liability: The Insurer will pay the Loss arising out of Multimedia Activities of the Insured
● Corporate Security Liability: The Insurer will pay the Loss arising out of a Security Breach by the Insured that results in Unauthorized Disclosure of Corporate Information.
● Incidental claim costs like ransom-ware, forensics and other such costs get covered in the policy.
● financial losses incurred by you by means of ransome or compensation paid to resolve cybeextortion
● financial loss incurred due to selling of products online to a fraudulent buyer who does not pay for the same and at the same time refuses to return the product.
● financial losses incurred due to online shopping on fraudulent website where you, do not receive the product even after making full payment online
● Legal costs, cost of removing objectionable content posted by cyber-bullies and psychological consultation costs for the affected victim
● financial losses incurred in your bank account, credit/debit cards, digital wallets arising from online frauds like unauthorized access, phishing, spoofing.
● financial losses, credit monitoring costs, legal prosecution costs arising from the misuse of your personal information on the internet by a third party along with psychological consultation costs for the affected victim.
● cost involved in recovering your lost or corrupted data caused by malware attacks on your cyber space.

Explanations mentioned in “What’s Covered” are illustrative and will be subject to terms, conditions and exclusions of the Policy. Please refer to the Policy Document for more details

What is not covered by Cyber Insurance?

Below are the Exclusions of Cyber Insurance
● Anti –trust: any actual or alleged unfair competition, antitrust violations, deceptive trade practices, or restraint of trade or antitrust statute, legislation, or regulation.
● Insolvency administration or receivership of the Insured
● Bodily Injury/ Property Damage: any Bodily Injury other than wrongful infliction of emotional distress or mental anguish arising out of actual or alleged Multimedia Activities, Privacy Breach, Security Breach as covered under Insuring Clauses
● Gambling online and or otherwise, is not covered
● Any loss sustained by you by accessing any restricted or websites banned by the relevant authority over internet, is not covered
● Any loss/ misplacement/ destruction/ modification / unavailability/ inaccessibility of and/ or delay in trading with cryptocurrencies, consisting of coins, tokens or public /private keys being used in conjunction with aforementioned, is not covered
● Any costs of betterment of your personal device beyond the state existing prior to the Insured Event, unless unavoidable, is not covered
● any claim arising to defend against legal suits from your family members, any person residing with you is not covered
● Investment or trading losses including limitation or inability to sell, transfer or otherwise dispose of securities, is not covered
● Loss due to any action or ommission in your capacity as an employee or self employed person as well as professional or business activity will not be covered

For detailed list of exclusions, please read policy wordings.