Cyber Insurance for Banking Finance and Insurance Industry

Cyber insurance for the banking finance & insurance industry offers financial protection against potential financial threats and cybercrimes. Moreover, this insurance policy protects the banking finance & insurance industry from third-party liabilities resulting from cyber-attacks leading to heavy reputational loss.

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Who Can Buy Cyber Insurance for Banking Finance and Insurance?

The industries that fall under banking finance & cyber insurance are as follow-

Banks
Depository Services, Private Equity, and Venture Capitalists
Foreign Exchanges
Insurance Companies or Brokers
Investment, Fund, and Asset Management
Mutual funds and Unit Trust Management
Non-banking Financial Companies (NBFCs)
Professional Advisory
Stock Market Exchange & Brokers
Tax and Auditing Consultants

Cyber Insurance for Banking Finance and Insurance: Inclusions

Cyber insurance for banking finance and insurance covers the following perils-

Loss due to identity theft
Loss due to unauthorized transactions and reputational injury
Loss due to cyber extortion and cyberbullying
Coverage for legal expenses, forensic expenses, and data restoration costs
Loss due to malware intrusion
Any consequential loss

Cyber Insurance for Banking Finance and Insurance: Exclusions

Cyber insurance for banking finance and insurance does not cover the following perils-

Any physical injury, disease, sickness, temporary/permanent disability, or death
Any damage or loss due to a lack of precautionary measures by the insured party to safeguard sensitive data
Any consequential loss or damage suffered by a third party during the cyber attack
Any perils that are uninsurable under the matter of law
Any damage or loss to the insured network system due to participation, supervision, or dishonest/criminal/malicious activity
Any claim raised due to the destruction of any tangible property
If there is theft, burglary, loss in value, disappearance, or inaccessibility of any cryptocurrency
No coverage for any legal proceedings that have started before the commencement of the policy term
Loss due to dealing in securities, commodities, derivatives, federal funds, sovereign funds, currencies, foreign exchange
Mysterious disappearance or unexplained loss
Any loss due to several business activities, including e-trading, blogging, etc.
Any specific perils mentioned in the Cyber Insurance in India

FAQs

Q1. Does cyber insurance cover the third-party liability cost?

Ans: Yes, cyber insurance covers the third-party liability costs arising out of a cyber-event, such as defense costs, investigation costs, legal fees, civil damages, and compensation to the affected parties.
Q2. Are banks and other financial institutions required to have cyber insurance policies?

Ans: As these institutions include financial operations and reputational risks, which further can lead to data loss, fraud, or disorder in services, so cyber insurance will be an effective way to deal with such unforeseen risks.
Q3. What are the common types of cybercrime in financial institutions and banks?
Ans:Some common types of cybercrime in financial institutions are-
- Ransomware attacks
- Identity fraud
- Hijacked emails and internet frauds

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Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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Policybazaar for Business - Cyber Insurance - Customer Reviews

View all 47 reviews

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4.5

out of 5

Based on 47 reviews

12 users

34 users

1 users

0 users

0 users

4.3 October 11, 2022

Aarti Singh

Knowledegable Team

The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.

Agra

4.3 October 06, 2022

Amit

Quick And Hassle Free

After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.

Nashik

4.5 October 04, 2022

Pinku

Paperless Process

We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.

Surat

4.5 October 03, 2022

Aashish

Extensive Coverage

We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.

Ahemdabad

4.5 October 02, 2022

Nishant

Easy To Buy

It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.

Udaipur

4.5 October 01, 2022

Puneet

Easy Plan Comparision

An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.

Assam

4.5 September 30, 2022

Govind

No Broker And Paper Work

Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.

Jharkhand

4.8 September 29, 2022

Rinku

Perfect Insurance Coverage

I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.

New Delhi

4.5 March 18, 2022

Ishan

Cloud Storage Cover

I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.

Ajmer

4.5 March 17, 2022

Anurag

Good User Interface

I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.

Delhi

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⁺Premium varies on the basis of Occupancy, Business Activity & Coverage Type.
⁺⁺The starting premium is ₹2 per day for a ₹5 lakh Sum Insured under an individual plan. The actual premium may vary based on the chosen plan type and selected add-ons. Standard terms and conditions apply. Please refer to the sales brochure for detailed information on risk factors, terms, and conditions before making a purchase.
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