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Cyber Insurance

A vital tool in your risk management strategy and your shield against digital threats in an era of prevalent cyber-attacks.
Policy Covers:
  • Costs for hiring cybersecurity experts to investigate and remediate the breach or attack.
  • Network damage repair and data recovery costs.
  • Business interruption losses, covering income loss and operational expenses.

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    5+ years of collective insurance experience

    ₹ 4000 Cr+ of cumulative risks insured

    What Is

    Cyber Crime Insurance ?

    Cyber Crime Insurance is a specialized policy designed to protect businesses from financial losses resulting from cyber-attacks and digital crimes. This insurance covers the costs associated with data breaches, cyber extortion, and other forms of cybercrime.

    It ensures that businesses are safeguarded against the financial impact of cyber incidents, including loss of data, legal expenses, and operational disruptions.

    How to Spot a Cyber Attack:

    File or program malfunctions

    Random File Scanning

    Unauthorized password changes

    Unusual toolbars on your internet browser

    Appearance of unwanted software or spyware

    Persistent pop-ups while accessing the internet

    Difficulty installing plugins

    Who Needs

    Cyber Insurance ?

    According to a report by Nordlocker, small businesses with an employee base of 500 are at the highest risk of ransomware attacks, accounting for around 54 percent of total attacks between Jan ‘20 to Jul ‘22.

    The top five sectors prone to cyber attacks in India are:

    Information Technology

    Energy

    Manufacturing

    Consumer Service

    Finance

    Almost every organization in today’s digital age relies on technology in their everyday operations. Customers’ names, addresses, and financial information are handled by a wide range of businesses, including IT services, product corporations, e-commerce companies, finance firms, real estate brokers, online marketplaces, restaurants, and many more. All such organizations must carry cyber liability insurance to safeguard themselves against the risk of internet fraud.

    What happens after a cyber security breach?

    Reputation Damage

    A breach can harm your company’s reputation, potentially leading to lost customers and decreased trust.

    Heavy Fines

    If sensitive financial information is compromised, you may face substantial fines from credit and debit card companies.

    File Wires Transfer

    Cybercriminals may attempt to make false wire transfers using your clients’ online banking credentials if your computer system is hacked.

    Why Choose

    Cyber Crime Insurance ?

    There are some shocking statistics related to cyber attacks in India reported by Cisco’s report titled ‘Cybersecurity for SMBs: Asia Pacific Businesses Prepare for Digital Defense’.

    Financial Protection

    Safeguards against significant financial losses due to cyber-attacks, including data breaches, extortion, and business interruptions.

    Risk Management

    Provides access to cybersecurity experts and resources to manage and mitigate the impact of cyber incidents.

    Compliance

    Helps meet regulatory requirements and manage legal obligations related to data protection and privacy.

    Reputation Management

    Assists in managing reputational damage and maintaining customer trust through effective public relations and crisis management.

    Business Continuity

    Ensures that your business can recover quickly from cyber incidents, minimizing downtime and operational disruptions.

    Such statistics push cyber security and insurance to the forefront of every business’s priorities.Mitigating financial losses caused by cyber threats such as data breaches, system intrusions, and ransomware attacks is crucial for corporations to safeguard their operations and reputation.
    Cyber insurance provides coverage for a range of costs associated with cybercrimes, including investigative charges, data restoration costs, and crisis management fees. By purchasing cyber risk insurance, corporations can ensure continued success in the face of ever-evolving cyber threats.

    The Cost of not Having Cyber Fraud Insurance:

    Credit monitoring expenses

    Legal attorney fees

    Ransom fees for restoring stolen data

    Business loss compensation to clients

    Cyber forensic investigation costs

    Inclusions in

    Cyber Insurance ?

    Cyber insurance covers a wide range of costs that may occur in a cyber-attack. Here are some of the key coverages offered by cyber insurance policies:

    Data Breach Response

    Costs associated with forensic investigations, customer notifications, credit monitoring, and legal compliance following a data breach.

    Cyber Extortion Costs

    Coverage for ransom payments and associated expenses related to extortion schemes, such as ransomware attacks.

    Business Interruption Losses

    Compensation for lost revenue and additional costs incurred due to disruptions from cyber incidents.

    Legal Expenses

    Coverage for legal fees related to defending against regulatory investigations, lawsuits, or compliance issues arising from cyber incidents.

    Public Relations Costs

    Expenses for managing reputational damage, including crisis communication and public relations services.

    Forensic Investigations

    Costs for hiring cybersecurity experts to investigate and remediate the breach or attack.

    Exclusions in

    Cyber Insurance ?

    Cyber insurance offers many exclusions. Some of the major exclusions in the insurance policy are given below –

    Pre-Existing Conditions

    Cyber incidents or data breaches that were known or anticipated before the policy’s inception.

    Employee Negligence

    Losses resulting from employee negligence or failure to follow cybersecurity protocols, unless specifically included.

    Intentional Acts

    Damage resulting from intentional or criminal acts committed by the insured or their employees.

    Contractual Liabilities

    Losses arising from contractual obligations not covered by the policy or that exceed policy limits.

    Physical Damage

    Damage to physical assets or property not directly related to cyber incidents, which may require separate coverage.

    Unreported Incidents

    Losses related to incidents not reported to the insurer in a timely manner or in accordance with policy terms.

    About Cyber Insurance

    The policy covers various types of cyber incidents, including data breaches, ransomware attacks, cyber extortion, business interruptions due to cyber incidents, and related legal and forensic expenses.
    Immediately notify your insurance provider and follow their guidance. Engage with cybersecurity experts and legal professionals to manage the incident and comply with notification and reporting requirements.
    Yes, many insurers offer customizable policies to address specific needs and risks. You can discuss your requirements with your insurer to tailor the policy to your business’s unique situation.
    The policy generally covers a broad range of cyber attacks, but specific coverage details and exclusions should be reviewed. Ensure that the policy addresses the types of risks your business is most likely to face.
    While strong cybersecurity measures are crucial, Cyber Crime Insurance provides an additional layer of financial protection and support that can help mitigate the impact of cyber incidents and ensure a swift recovery.
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