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-

  1. Loss due to identity theft
  2. Loss due to unauthorized transactions and reputational injury
  3. Loss due to cyber extortion and cyberbullying
  4. Coverage for legal expenses, forensic expenses, and data restoration costs
  5. Loss due to malware intrusion
  6. Any consequential loss

Cyber Insurance for Banking Finance and Insurance: Exclusions

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

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

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Written By: PolicyBazaar - Updated: 28 February 2023
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Policybazaar for Business - Cyber Insurance - Customer Reviews
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4.5/5
Based on 47 reviews
4.5
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Based on 47 reviews
12 users
34 users
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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