Cyber Insurance for Banking Finance and Insurance Industry

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

FAQs