Cyber Insurance for Investment Funds & Asset Management

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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