Who can buy Cyber Security Policies for Mutual Funds & Unit Trust Management?
The following persons are eligible to purchase cyber insurance policies:
- A company or organisation managing funds may subscribe to the cyber Insurance
- A government organisation that issues bonds must purchase a cyber security policy
- Companies that deal in the financial market must obtain the cyber policy
- A corporation that invests public funds in a variety of securities may purchase a cyber policy
- The companies that issue shares may consider buying cyber security policy
Cyber Security Policy for Mutual Funds & Unit Trust Management: Inclusions
The cyber insurance policy covers the following.
- The policy offers financial protection against a claim made by a third party due to data breaches, interruptions in business and other major cyber risks
- The insurance indemnifies the insured against the restoration cost of data and crisis communication
- The policy provides coverage against the IT threats
- The policy also indemnifies the insured against the fraudulent acts of employees
- The cyber security policy offers coverage for security and service risk
Cyber Security Insurance for Mutual Funds & Unit Trust Management: Exclusions
The cyber policy does not provide any coverage for the following.
- The policy does not provide any damage for the bodily injury
- The policy does not indemnify the insured against the damage to the physical property
- The policy does not offer any coverage for the loss caused due to unauthorized collection of consumer data
- The insurer is not liable to offer any damage for unspecified loss or damage
- The insurer is not subject to provide any coverage for the loss caused due to government order
- The policy does not offer any coverage in case of loss or damage to the tangible property
Claiming Process for Cyber Security Policy for Mutual Funds & Unit Trust Management
The insured is required to follow the below mentioned steps in order to file a claim under cyber security policy.
- Step 1: The insured must notify the insurer of the cyber incident. The claim must be intimidated as soon as a cyber invasion is discovered
- Step 2: The insurer is expected to deploy or appoint an investigation to assess the severity of the cyber attack and the claim
- Step 3: If the incident appears to be of a serious nature, a cyber expert will be hired
- Step 4: The investigator shall look into the situation. The cyber specialist will interpret the insured's damage
- Step 5: If the insured is successful in establishing the severity of the cyber incident, the insurer must compensate the insured for the relevant damage
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