Cyber Insurance for Manufacturing 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