Cyber Insurance

Cyber Security Policy is known by many names- cyber risk insurance, cyber security insurance, cyber insurance policy or cyber liability insurance. It is an insurance plan that an organization should purchase to mitigate the financial risks arising out of first party & third-party losses caused due to internet related risks such as large-scale breach of data, business interruption, cyber-attacks and other cyber incidents.

It protects commercial businesses against losses arising out of risks associated with internet, information-technology, network and data processing. These risks include:

• Business interruption
• Restoration
• Crisis communication
• Data breaches
• Network interruption
• Notification expenses etc.

In today's digital world of net banking, social media and e-commerce, individual's personal data transfer and storage on various digital devices is growing at a significant rate. For companies having access to customers' personal data, one of the primary responsibilities is to keep the data secure. Cyber Security Insurance provides protection to the companies against the liabilities arising from cyber-attacks. It offers a comprehensive protection against first and/or third-party liabilities arising due to system security breaches, flaws in payment portals, data fraud and/or any other internet related risks. The importance of cyber risk insurance for businesses that run the risk of cyber-attacks is indescribable.

As a large developing country where IT BPM contributes to 8% of the GDP and the same industry generated a revenue of 51.1% in fiscal year 2021, followed by software products and engineering services with a share of 21.1%, it is important that we discuss cyber risks and cyber insurance.

India currently ranks as the sixth most data breached country since the first recorded digital attack in 2004, as revealed by the new report by cyber security company Surfshark. To be more specific, 18 out of every 100 Indians had their personal contact details breached. Giants such as Domino’s, Facebook, Mobikwik, Air India and Upstox faced major data breaches in India in 2021. This brings us to emphasize more on cyber insurance that’ll serve to save the business owners from potential internet related risks.

Primary features of Cyber Risk Insurance are mentioned below:

• The policy provides protection against theft of funds or data due to cyber event/hacking.
• Cyber security insurance policy can cover for data restoration cost due to malware and also provides a phishing cover.
• The policy can protect you from financial losses arising from a fraudulent payment, a spoofed email attack and provides expenses to prosecute perpetrators.
• It is a comprehensive plan that provides protection to the insured in terms of defense costs arising due to claims made against them by a third-party for fraudulent cases such as identity theft, replication of social media content, data theft, etc.
• It provides an indemnity cover and provides for the defense cost in case any claim is lodged by a third-party for reasons such as data breach, defamation, invasion of privacy, data piracy and so on.

A cyber security insurance policy has a lot of benefits that cannot be emphasized more. If you are a business owner of someone who is in the business of data, get cyber risk insurance from us now.

Benefits of a Cyber Security Insurance in India are:

• This insurance plan provides financial protection against first and third-party liabilities occurring due to data breaches, business interruptions, and/or any other cyber risks
• The insurance pays for restoration costs, crisis communication costs etc. and provides cover against internet and information-technology related threats
• This policy covers for cyber-attacks, cyber incidents, fraudulent or malicious acts by employees
• This policy covers for your privacy risk, security risk, operational risk and service risk
• The disclosure liability coverage of this policy is extended to outsourced services such as data storage and data processing services

At SecureNow, we understand that no two businesses are alike and no two businesses will have the same requirement. We have designed a comprehensive platform that can show you quotes for a cyber security policy in India which will give you an idea of the premiums that will be charged based on the insurer, coverage and industry type. You just have to submit your basic details on the form above, choose your industry of operation and you’ll receive quotes from various insurers and the details will show the coverage offered. Since, we understand that buying cyber risk insurance in India needs a lot of scrutiny, we will get back to you within 24 hours to understand your requirements better and help you buy the best cyber policy your business needs.

Cyber Risk Insurance provides comprehensive coverage against first party and third-party losses. This insurance covers costs of:

• Forensic investigation of breach
• Legal advice
• Proper notification and credit monitoring for affected persons
• Crisis management
• Public relation expenses
• Civil lawsuits, settlements and regulatory penalties resulting from a cyber incident

Cyber Insurance Policy does not provide coverage for the below mentioned risks:

• Bodily injury or damage to property
• Unauthorized data collection
• Fraudulent act
• Consequential losses or damage
• Unexplained losses