Cyber Insurance for Foreign Exchange

In today's interconnected world, businesses are more vulnerable than ever to cyber-attacks. The foreign exchange (FX) industry is no exception to this. With the increasing usage of online platforms and digital currencies, FX businesses are becoming increasingly susceptible to cyber-attacks. As a result, cyber security insurance has become a crucial aspect of risk management in the FX industry.

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Cyber Insurance for Foreign Exchange: Inclusions

The cyber insurance 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

Cyber Policy Claim Process for Foreign Exchange

  • The insured must notify the insurer of the cyber incident within the time frame specified in the policy. Failure to benefit from this will furthermore result in the claim being denied.
  • The insurer will investigate to determine the cause and extent of the cyber incident. The insured must cooperate fully with the insurer's investigation.
  • The insurer will review the policy to determine if the cyber incident is covered. The insured should review the policy to ensure that all the necessary coverage is included.
  • The insured must provide proof of loss. It may include financial statements, invoices, and other documentation related to the cyber incident.
  • The insurer will evaluate the claim and determine the amount of the loss.
  • If the claim is approved, the insurer will make payment to the insured for the covered loss. The insured must follow any requirements or conditions specified by the insurer to receive payment.
  • If there is a dispute between the insured and the insurer regarding the claim, the parties may need to engage in dispute resolution procedures. These are specified in the policy, such as mediation or arbitration.

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

FAQs

  • Que 1: What an insured is expected to do after a cyber incident?

    Ans: Cyber insurance for foreign exchange mandates the insured to inform the insurer after the acknowledgement of such incident. In addition, the insured may lodge a complaint in the policy station or cyber branch of his city.
  • Que 2: Who needs cyber insurance for foreign exchange?

    Ans: Financial institutions that operate in the foreign exchange market require cyber insurance policy for foreign exchange. This includes banks, brokers, and other financial services providers. These institutions are vulnerable to cyber threats that could cause financial losses, reputational damage, and regulatory penalties.
  • Que 3: What are the benefits of cyber policy for foreign exchange?

    Ans: The benefits of the cyber policy for foreign exchange include
    • Financial protection against cyber threats and attacks
    • Coverage for legal liabilities resulting from cyber incidents
    • Access to expert assistance in responding to cyber incidents
    • Support in managing reputational damage.
  • Que 4: What factors should be considered when choosing cyber insurance policy for foreign exchange?

    Ans: Factors to consider include the scope and limits of coverage, the deductible and premiums, and the insurer's reputation. When choosing cyber insurance policy for foreign exchange, other factors such as experience in cyber insurance, the insurer's response capabilities in the event of a cyber incident, and any exclusions or limitations in the policy must be considered.
Written By: PolicyBazaar - Updated: 11 May 2023
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4.3 October 11, 2022
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4.5 March 18, 2022
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4.5 March 17, 2022
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