Cyber Insurance
- Protect your business from cyber threats with comprehensive cyber insurance coverage. Guard against data breaches, network failures, and other cyber attacks with a tailored policy.
Extensive
coverage
Zero
paperwork
Complete
coverage
24x7
claim assistance
What is Cyber Insurance?
Cyber Insurance is a contract that an entity can purchase to reduce the financial risks that may occur to cyber crimes. It is a new and emerging segment in the insurance vertical and more and more IT giants are acquiring it because of the perennial threat associated with data breach. Cyber attacks such as phishing; ransom attack could cost businesses millions and may even destroy the reputation and goodwill of the business.
Because of the increasing usage of internet for many purposes, the increase to become victims of cyber crimes such as identity theft, hacking, cyber stalking, and online frauds have also increased by a big margin. Being a victim of any of these cyber crimes could be financially and emotionally draining, so it is important to keep yourself protected against these threats. Keeping all these scenarios in mind, an increasing number of businesses and individuals opt for cyber insurance.
Types of Cyber Insurance
It is meant for the individual users who use the internet every day. Plenty of users are active on social media and much other stuff like e-commerce websites online. The policy covers risks associated with using the internet online such as malware attacks, identity theft, cyber stalking, hacking, financial loss, and other social media liabilities.
It covers the risks for IT companies. These are times where data breaches occur regularly even in companies with fool-proof security systems. Such data breaches could damage the reputation of the IT firms and even cost them millions in law suits. Cyber Liability insurance protects the companies from financial loss during such instances.
Coverage
- Identity Theft: Misuse or deleting the data stored in the computer. It covers the prosecution charge when the case is filed against the offenders and the cost of transportation and photocopying.
- Social Media Liability: Social Media accounts are routinely hacked and misused. Cyber Security Insurance provides coverage against legal prosecution of the third party and cost of transportation and photocopying
- Cyber Stalking: Cyberstalking is a common cyber crime where the offender harasses the victim in pursuit of something. Cyber Security insurance can cover the cost to initiate legal proceedings against the offenders
- Malware Attacks: Malware are small files which corrupt the system and result in data loss. Having cyber security insurance will help you recover the restoration cost.
- IT theft cost: Suppose you own a finance company and because of a cyber crime, there is a monetary loss for your customers. In such a cases, having cyber insurance can cover for the Financial loss and also provide indemnity against claim raised by the third party
- Phishing: Phishing is a technique used to capture username, passwords, and credit card details. It may result in financial loss as well as emotional turmoil. With cyber insurance, you can prosecute the third party for phishing attack
- Email Spoofing: Spoofing is impersonating a genuine service provider to lure you into financial fraud or identity theft. Cyber Insurance can help you recover financial loss because of spoofing and also initiate criminal prosecution against the offenders.
- Cyber Extortion: Cyber extortion refers to any acts that constitute threat of privacy breach, data breach or coordinated cyber attack. Cyber insurance helps you compensate the loss caused by such threats and also the prosecution charges against the offenders
Fincover
Advantages
There are several reasons why you should apply
- IVA Insurance is an IRDA Approved Direct Broker (Life & General).
- We are here to assist you 24/7.
- Our unbiased approach ensures you get the best options.
- With over 55 insurance companies and hundreds of health policies, Fincover cuts through the clutter and helps you choose the one that is best for you.
Exclusions
- Dishonest or any malicious conduct by the policyholder online that resulted in a loss
- Physical injury or bodily harm
- Mechanical failure, electronic/electric failure or breakdowns
- Damage caused due to negligence
- Ongoing legal proceedings before policy purchase
- Consequential loss
- Loss of any tangible property
How to Buy Cyber Insurance?
- Contact the insurance company and inform the nature of risk for which you want to get protection
- Based on your requirement, the insurance company discusses the coverage and policy terms and conditions
- After that, the insurance company would ask for a proposal letter which you must give along with the other documents required
- Policy will be structured and will be given to you
How to Claim for Cyber Insurance?
- In the event of any cyber security event, alert the insurance company immediately
- Submit the documents and necessary evidences to the company along with the claim form
- Insurance company appoints an investigator to validate the claim
- If the insurer is satisfied with the report given by the insurance company, then the company settles the claim. Else, the claim is rejected and informed to the policyholder
- If the policy holder is not satisfied with the decision of the insurance company, then they go for arbitration
FAQs
You can learn more from our asked questions
Any individual above 18 years or IT organization can purchase the cyber insurance.
Absolutely, if you own an IT firm that collects and stores vital customer information, then having cyber insurance is a must as it provides indemnity against data theft
Cyber Insurance premiums are not one size fits all. Insurance companies factor in company’s industry, type of business vertical, and the risks in it before arriving at a premium.
If the security measures in your company are adequate, then the cyber insurance company will consider a reduced premium.
No, the coverage is limited to events occurring within the Indian Territory only.