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.