Cyber Insurance for Mutual Funds & Unit Trust Management

Cyber policy is essential for every business. Moreover, the fund houses are at the highest risk with the emergence of technology and online transactions. The company that deals with fund management must purchase a cyber security policy for indemnification against losses.

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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

FAQs

Que 1: How to enhance cyber insurance for mutual funds & unit trust management?
Ans: One may enhance cyber security for mutual funds & unit trust management by following the below-mentioned tips.
- One must include the cyber security insurance cost in the budget of the company
- The cyber security expertise must be enhanced by a company
- The company or organisation must include add-ons benefits of the cyber security policy
Que 2: Is general liability insurance covers cyber liability?

Ans: General liability insurance offers coverage for bodily injury and damages to the property. It excludes cyber security coverage.
Que 3: What is the cyber security policy period?

Ans: The policy comes with a tenure of one year. Upon the expiration of the policy, the insured is required to renew the existing policy in order to continue with the coverage.

Written By: PolicyBazaar - Updated: 15 May 2023

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