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
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