Cyber Insurance for Investment Funds & Asset Management

With the emergence of new technologies, companies like asset management and investment funds are prone to cyber risks. The cyber threat or ransomware attacks and breaches have witnessed a substantial increase in the past few years. Therefore, companies or organizations are vulnerable to such risks. However, asset management companies may mitigate such risk by obtaining or subscribing to the cyber security policy.

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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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Written By: PolicyBazaar - Updated: 11 May 2023
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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.
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4.3 October 06, 2022
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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.
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4.5 October 04, 2022
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Paperless Process
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4.5 October 03, 2022
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4.5 October 02, 2022
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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.
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4.5 October 01, 2022
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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.
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4.5 September 30, 2022
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No Broker And Paper Work
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4.8 September 29, 2022
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4.5 March 18, 2022
Ishan
Cloud Storage Cover
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4.5 March 17, 2022
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Good User Interface
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