- Cyber Insurance
- What is Cyber Security Insurance?
- Why Cyber Insurance Is Important
- Cyber Insurance Statistics so far
Cyber insurance provides coverage to any business liability arising out of data breach that includes customer-sensitive such as credit card numbers, health records, security numbers, account numbers, etc.Read more
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**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.
Cyber security insurance 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 data. Unauthorized access is a common example of a security breach. This is where the role of cyber risk 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.
Cyber risk insurance becomes a necessity as 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.
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 mentioned 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: The Policy can be bought by anyone who is 18 years old or above and can buy for self or own organization.
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 cyber insurance policy. The cyber 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.