Cyber Insurance for Foreign Exchange: Inclusions
The Cyber Insurance in India provides coverage for the following:
- Coverage for loss of revenue or additional expenses incurred due to interruption in foreign exchange operations caused by a cyber-attack
- Coverage for expenses incurred due to cyber extortion. This includes ransomware attacks, denial of service attacks, and threats of data breach
- Coverage for expenses incurred due to a data breach. This includes forensic investigations, notification costs, and credit monitoring services
- Coverage for expenses incurred due to a lawsuit filed against the company for damages caused to a third party due to a cyber-attack on the company's network.
- Coverage for expenses incurred due to fraudulent electronic funds transfers caused by cyber criminals
- Coverage for expenses incurred due to damage to the company's reputation caused by a cyber-attack
Cyber Insurance for Foreign Exchange: Exclusions
Cyber insurance does not provide coverage against the following:
- Bodily injury, diseases or illness, death, or physical damage are not covered under the cyber insurance policy
- Loss caused due to electric disturbance or breakdown or failure of mechanical shall not be covered under the cyber insurance policy
- A wilful or fraudulent act caused with the intention of obtaining a claim shall not be covered under the cyber insurance policy
- Intentional submergence of important information which should have been given to the insurer
- Insured involves in any proceeding before subscribing to the cyber insurance policy
- Any penalty or fine imposed by the authority for violating cyber laws
- Losses caused due to the infringement of trademark or copyright shall not be covered under a cyber insurance policy
Who can Buy Cyber Insurance for Foreign Exchange?
The following persons need cyber insurance for foreign exchange:
- A business or organisation handling sensitive data
- Corporate houses that conduct their business operations online
- An individual who heavily relies on his computer system or computer data in order to conduct his business operations
- A government agency that deals in foreign exchange
- Companies or bodies that have a significant presence in foreign exchange
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