Liability Insurance

Cyber Insurance

Cyber Insurance

Cyber insurance is an insurance product designed to protect the businesses against the potentially devastating effects of cybercrimes such as malware, ransomware, distributed denial-of-service (DDoS) attacks, theft or loss of data, Breach of privacy or data or any other method used to compromise a network and sensitive data.

This policy also refer to as cyber risk insurance or cyber security insurance, these products are personalized to help a company mitigate specific risks.

Do I need cyber insurance?

  • Cyber risk is among top 5 global risk in terms of likehood continuous since last last 3 years as per world global risk report , which has significant effects over the businesses all over the world. India has been the second most cyber attacks affected country between 2016 to 2018, according to a new Data Security Council of India (DSCI) report.
  • As the number of applications, devices, etc. increases, an organization becomes more vulnerable to attacks. Just like businesses insure against business problems, natural disasters, and physical risks, they need insurance coverage for cyber risks as well.

What does cyber insurance cover?

Most cyber insurance plans cover a broad range of cyber risk losses that may unexpectedly arise from cyber attacks. In addition, some plans can offer coverage for physical damage to hardware or coverage for business income loss. Plans can be personalized depending on your current business security posture.

Cyber liability insurance policies typically include coverage for:

  • 1. Denial of service attacks or inability to access websites or systems
  • 2. Unauthorized access to, use of, or tampering with data
  • 3. Disclosure of confidential data (invasion of privacy)
  • 4. Loss of data or digital assets (malicious or accidental)
  • 5. Introduction of malicious code or viruses
  • 6. Cyber extortion threats
  • 7. Personal media injury (defamation, libel, or slander) from electronic content
  • 8. Regulatory action, notification, or defense expenses
  • 9. Crisis management and public relations expenses
  • 10. Data or system restoration
  • 11. Business interruption expenses