Cyber Insurance

Cyber insurance generally covers your business’ liability for a data breach involving sensitive customer information, such as adhaar card numbers, credit card numbers, account numbers, driver’s license numbers etc.

Insurance companies cover various Cyber events like –

Data Breach which can incur emergency response costs, event management cost, notification costs, monitoring and recovery costs.

Cyber Attack due to which loss can be incurred for paying for Cyber security company to investigate and recover.

Below is the list of losses that will normally be covered under a cyber-insurance policy

1. First Party Losses

Direct Financial Loss, Data recovery, Business Interruption Cover and Mitigation Costs Cover

2. Regulatory Actions

Costs of Regulatory actions and investigations, civil fines and penalties and Defence Costs.

3. Crisis Management Costs

Forensic Expert Cover including security consultation, Reputation Damage Cover, Legal Costs Cover for matters including notification, coordination with service providers, strategy etc., Credit and Identity Theft Monitoring Cover, Cyber extortion/ Ransomware Cover, Operation of a 24x7 Hotline, Cyber Stalking, Counselling, Information removal and pursuing action.

4. Liability Claims

Legal liability/damages directly arising from privacy or data/ security breach, Defamation, Intellectual Property Right (IPR) infringement and Defence Costs, as per the committee report.

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Cyber Insurance

Cyber Insurance

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Cyber Insurance

1. First Party Losses

2. Regulatory Actions

3. Crisis Management Costs

4. Liability Claims

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