Cyber Risk Insurance

Cyber Risk Insurance

A Cyber Risk Insurance is a pertinent insurance policy in today’s world where everyone of us are so much connected with and through the internet. India has second largest internet user base in the world. With the increase in internet usage the cyber crime menace has witnessed an unprecedented surge in number of cyber attacks. Companies have lost from INR10,00,000 to INR1,50,00,000 in no time. Almost 60% of Indian companies are today taking active steps to control cyber risk losses.

Companies which are in the business of managing or handling important information of its customers are also responsible for maintaining the secrecy of that information. In case something goes wrong with their systems and the confidential details of its customers or employees is made public then that leakage of information can have serious repercussions for the company. The affected people in this case can file a legal suite against the defaulter and can ask for monetary compensation for the same.

Following is the list of companies that must have Cyber Risk Insurance policy. This is just an indicative list and not exhaustive.

  • Information Technology Companies: Software, Data Centres, ITeS, etc.
  • Retailers: E-commerce & Brick and Mortar
  • Financial Services
  • Services
  • Health & Pharmaceuticals, etc.

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Following are some of the most common Risks covered in Cyber Risk Insurance policy.

  • Legal Liability to others for Privacy Breaches or Computer Security Breaches
  • Loss to Data/Information
  • Loss of Revenue due to cyber attack
  • Public Relation Expenses
  • Regulatory Actions or Scrutiny expenses
  • Incidental Expenses to respond to Cyber Attack
  • Cyber Extortion Expenses

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Some of the exclusions under this policy are:

  • Government Entity or Public Authority
  • Specific Network Interruption Condition

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