Cyber Insurance

In the digital age, organizations are dependent on technology. As a result of which they are confronted with increasing content and transactional exposures. Furthermore, organizations with access to private and confidential information about their customers are bound to keep it safe and secure.

However, despite all the precautionary measures and steps taken to ensure protection, cyber-attacks continue to take place. This can result in the loss of precious data or money. Every year, security/data breaches are affecting millions of records. Also, reports of breaches continue to come at a dramatic rate, as newer viruses and unauthorized access play havoc.

To get protection against cybercrimes and digital threats, it is necessary to have a Cyber Insurance Policy.

A Cyber Insurance policy is a policy that protects organizations against a broad array of incidents and liabilities that occur as a result of cyber exposure associated with the Internet, Networks, Data , Information Assets, and E-Business.

Individuals and Organisations are eligible to buy this policy.

What’s covered

The insurance policy covers any:

  • Data breach liability for personal and corporate data.
  • Date breach costs, including notification and IT forensic costs.
  • Network security liability for hacked or compromised systems, including denial of service attacks.
  • Business Interruption caused by a cyber-incident.
  • Restoration costs for loss of data and programs resulting from a cyber-interruption.
  • Media liability for digital publications.
  • Crisis communication costs to mitigate the effects of reputational damage.
  • Defence cost/investigation cost.

What’s not covered

The insurance policy does not cover:

  • Fraudulent act or wilful violation of any law, regulation by the policy holder.
  • Deliberate and dishonest acts.
  • Any kind of bodily injury, sickness, disease, death of any person or damage to any tangible property.
  • Any kind of mechanical failure, or gradual deterioration, or electric disturbance, or media failure, or breakdown, or malfunction.
  • Prior notice of a fact or circumstance that has been accepted by the previous insurer.
  • Pollution.