A cyber insurance policy is a type of insurance policy that provides cover to the company for any kind of loss or damage caused by the hackers to either property of the company, data breach, or any fraudulent act that led to the loss of customers data on the internet. A cyber-attack can cause moderate to extreme loss to an individual as well as small and large entities.Read more
Quick & Hasslefree
**Premium starting from Rs 38,300/Month for SI of Rs 5 Cr
#Actual premium may differ on the basis of Business Type, Coverage Opted etc.
It offers compensation for expenses, fees, and legal costs arising due to cyber breaches. It also includes the loss or theft of the client/employee information due to the hacking of the organization’s data. Unauthorized access is a common example of a security breach. This is where the role of cybercrime insurance comes into play.
Data security is one of the primary responsibilities of companies as they have access to their customers’/users’ private & confidential information. Having cyber insurance in India is a must for such companies.
Today, various organizations rely on Internet-based technology to reach out to their prospective customers and pursue their digital marketing goals. All digital tools expose these organizations to the risk of cyber threats.
All the business organizations or companies that are directly or indirectly involved in online payment transactions, customer data management, information storage, use of payment gateways, or cloud services should consider buying cyber insurance in India.
Amid the proliferation of smart devices connecting to vast business networks, the risk for malicious attempts on an organization's assets is even higher. As a part of their risk mitigation plan. Cyber insurance in India is a measure of countering risks to neutralize cyber risks.
As per the Data Security Council of India (DSCI), in 2018 there has been a 40 percent rise in Cyber insurance purchases in India. Cyber threats are on a constant rise and the associated risks are provoking the organizations to get cyber insurance cover to offset financial liabilities that may arise due to any breach.
As per the report, the cyber insurance market is expected to grow globally at a CAGR of 27 percent from INR 29,400 in 2017 to INR 1.59 lakh Crore in 2024.
The main features and benefits of a cyber-insurance policy are enumerated below:
The cyber insurance policy provides cover for the following:
Cyber insurance does not provide cover for the following:
Mentioned below are some of the tips to enhance cyber security and effectively prevent cyber risks:
Ans: If you run a company, organization or industry and the important data related to your company or your customer is stored online then you can purchase the cyber insurance plan.
Ans: To get better coverage in case of a cyber breach, it is recommended by the insurers to use effective cyber security measures because at the time of purchasing the policy the insurance company sends some of their inspectors to inspect the company and check if your company takes necessary precautions to safeguard your online data from the hackers online.
Ans: Yes, cyber insurance does provide cover for copyright infringement or trademark infringement.
Ans: Yes, in case the date of the company’s customer gets leaked on the internet, then the insurer will provide cover for it.