Who can buy Cyber Security Policy for Investment Funds & Asset Management?
The following persons may subscribe to the cyber insurance policies:
- Asset management companies such as mutual funds dealing in the management of the asset may subscribe to the cyber security policy
- An organisation that invests public funds in different kinds of securities such as stocks, and government bonds must purchase the cyber security policy
- A government agency selling bonds may opt for a cyber security policy
- Companies that have a significant presence in the investment fund must obtain a cyber security policy
Cyber Security Policy for Investment Funds & Asset Management: Inclusions
The following coverage can be covered in the cyber security policy:
- The insurer shall provide restoration cost of data if lost by any malware attack
- The insurer shall provide coverage for the loss caused due to cyber stalking
- The insurer shall provide coverage for the loss of data due to IT theft
- The insurer shall provide coverage for the financial loss incurred by the insured due to Phishing
- The insurer shall provide coverage against the claim made by a third party
- The insurer shall provide prosecution cost initiated against a third party for cyber breaches
- The insurer shall indemnify the insured against cyber extortion
Cyber Security Policy for Investment Funds & Asset Management: Exclusions
Cyber security policy does not provide any coverage for the following:
- The insurer shall not provide any coverage for bodily injury, damage to the physical property or any disease
- The insurer shall not provide any coverage for the loss incurred due to an electric short circuit
- The insurer shall not provide any damage caused due to the willful act or negligence of the insured
- The insured is not entitled to file a claim for the loss incurred due to deliberate ignorance of the defence
- The insured is not entitled to file a claim for the loss caused due to participation in the malicious activity
- The insured is not entitled to file a claim for the loss caused due to the concealment of important information
Claiming Process for Cyber Security Policy for Investment Funds & Asset Management
Follow the steps in order to raise a claim for investment fund & asset management.
- Step 1: The insured is required to inform the insurer about the cyber incident. The claim must be intimidated soon after being aware of a cyber attack.
- Step 2: The insurer shall deploy or appoint an investigation in order to interpret the severity of the cyber attack and claim
- Step 3: A cyber expert shall be hired if the incident seems to be of severe nature
- Step 4: The investigator shall investigate the incident. The cyber expert shall interpret the loss caused to the insured
- Sept 5: If the insured succeeded in validating the severity of the cyber incident, the insurer shall provide the appropriate damage caused to the insured
Note: The insured must not withhold or conceal any information which is required to be intimidated to the insurer.
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