Cyber Insurance for Manufacturing Industry

Organizations have realized the importance of cyber insurance for the manufacturing industry. The business has received an unprecedented increase in cyber attacks. Therefore, the industry is keen to subscribe to the cyber policy. In addition, it is paramount for the manufacturing industry to cover the loss caused due to cyber attacks in order to survive in the industry.

Read more
Get ₹5 Cr Cover starting at ₹4,60,000*
marine

Get right expert advice

Hassle free policy

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

Fast-track your search with instant quotes from top insurers

Get ₹5 crore insurance cover starting at ₹3 lakh/year+

Step 1/2

Get ₹5 crore insurance cover starting at ₹3 lakh+

secure-icon We don't spam
Are you buying the policy for?
Get Updates on WhatsApp
View Plans

Get ₹5 crore insurance cover starting at ₹3 lakh/year+

Step 2/2
Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

Cyber Security Insurance Policy: Inclusion

The following coverage is included under the cyber security insurance policy:

  • Indemnifies the insured against the lawsuit instituted by a third party
  • Provide coverage against ransomware attacks which recorded a sudden increase during the Covid-19 era
  • Offers business interruption cost and covers the financial loss

Cyber Security Insurance Policy: Exclusion

The following are the exclusions of the cyber security insurance policy:

  • A dishonest conduct of the insured in order to obtain undue advantage from the insurer
  • Deliberate concealment of important information which must be shared with the insurance company in order to obtain the insurance benefit
  • Bodily injury, emotional damage and disease shall only be included in health insurance
  • Property damage or destruction of the property is not entitled to be covered under the cyber security policy
  • Insured indulged in collecting personal data of users or clients. Loss incurred due to such an act shall not be covered under the cyber security policy
  • When the insured is found indulging in cyber terrorism
  • The insured indulged in providing immoral services to the clients

Cyber Insurance for Manufacturing Industry: Claim Process

To make a claim under Cyber Insurance for the manufacturing industry, follow these steps:

  • Notify the insurer of the cyber incident promptly to kick off the claim process. The insurer will guide you through the subsequent steps.
  • The insurer will initiate an investigation to evaluate the extent of the damages and losses you have incurred. This may necessitate partnering with third-party specialists such as forensic investigators or data breach response firms.
  • Once the investigation is complete, the insurer will determine whether the policy covers the losses and damages you have suffered.
  • If the insurer concludes that the losses are covered, they will pay out the claim to you. The payout amount will depend on the policy limits and any applicable deductibles.
  • In case of any disagreements concerning the coverage or the claim amount, the insurer and the insured will collaborate to resolve the matter through negotiation or mediation.

FAQs

  • Que 1: Why cyber insurance is essential for the manufacturing industry?

    Ans: The cyber security policy indemnifies the insured against several threats. It protects the interest of manufacturers due to breaches of data and ransomware threats. The manufacturing industry has witnessed a sudden growth in cyber attacks in the past few years. Therefore, in order to avoid such losses and fear of data breach, the manufacturer must subscribe to a cyber security policy.
  • Que 2: What are the exceptions of cyber security insurance policy?

    Ans: Cyber insurance covers several kinds of losses. However, there are some exceptions to be noted by the manufacturer before buying such policies. The cyber policy does not cover the following losses.
    • A loss caused due to the dishonest intention of the insured shall not be covered under a cyber insurance policy.
    • The insurer is not liable to offer coverage if the insured is found dishonest. The insured cannot enjoy any coverage if he conceals important details from the insurance company.
    • In addition, no cyber policy coverage shall be entertained if the insured fraudulently steal the private data of the users. Any loss caused due to such an act shall not be covered under the cyber security policy.
  • Ques 3: Is it worthwhile to subscribe to cyber insurance for the manufacturing industry?

    Ans: Nowadays, every industry is prone to risk. The cyber threats have increased in the past few years. Hence, the manufacturing industry must subscribe to cyber policy for indemnification against losses.
Written By: PolicyBazaar - Updated: 10 May 2023
Cyber Insurance Companies

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Cyber Insurance News

Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
In a startling revelation, the Thane Police have exposed a massive cyber heist, with cybercriminals pilfering an astonishing ₹16,180 crore. This...Read more
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
In a concerning development, cybercriminals managed to siphon off ₹99,999 from the personal savings account of Dayanidhi Maran, the former Union...Read more
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
In a 22-day operation spanning four states, including Uttar Pradesh, Rajasthan, Delhi and Madhya Pradesh, a Mumbai Police task force comprising seven...Read more
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India is confronting a significant threat of cyberattacks aimed at its critical infrastructure, public sector, and essential services, as per a report...Read more
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune City police uncovered a suspected 'man-in-the-middle' cyber attack that cost a Pune-based engineering supplies firm more than 24,000 Euros...Read more
Cyber Insurance Articles
As per the Indian Computer Emergency Response Team, 12.67 lakh cyber-attacks were registered by November 2022...Read more
21 Mar 2023 by Policybazaar 10784 Views
We live in the digital era. Now, almost everything is possible online as every other organization is going digital...Read more
12 Apr 2022 by Policybazaar 11088 Views
Every shop owner must put in extra efforts to make their retail store as safe as possible. To create a secure...Read more
29 Apr 2022 by Policybazaar 5863 Views
The cyber risks have increased after the outbreak of Covid-19. One of the main reasons behind the increment in...Read more
31 Mar 2022 by Policybazaar 4380 Views
In this ever-evolving and the technologically-driven world, cyber-attacks have been increasingly common and a...Read more
29 Nov 2022 by Policybazaar 1379 Views
Cybersecurity vigilance is crucial to safeguard against phishing...Read more
15 Mar 2024 by Policybazaar 163 Views
In a fast-paced business environment where every minute counts...Read more
13 Mar 2024 by Policybazaar 237 Views
Ransomware risks are on the rise, posing a significant threat to...Read more
13 Mar 2024 by Policybazaar 213 Views
The rise of smart automobiles has ushered in a realm of...Read more
27 Dec 2023 by Policybazaar 398 Views
Wearable technology has revolutionized healthcare, offering a...Read more
15 Dec 2023 by Policybazaar 303 Views
Policybazaar for Business - Cyber Insurance - Customer Reviews
View all
4.5/5
Based on 47 reviews
4.5
out of 5
Based on 47 reviews
12 users
34 users
1 users
0 users
0 users
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.
Agra
4.3 October 06, 2022
Amit
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.
Nashik
4.5 October 04, 2022
Pinku
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
Surat
4.5 October 03, 2022
Aashish
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
Ahemdabad
4.5 October 02, 2022
Nishant
Easy To Buy
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.
Udaipur
4.5 October 01, 2022
Puneet
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.
Assam
4.5 September 30, 2022
Govind
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
Jharkhand
4.8 September 29, 2022
Rinku
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Ishan
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
Ajmer
4.5 March 17, 2022
Anurag
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
Delhi