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

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Written By: PolicyBazaar - Updated: 15 May 2023
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Policybazaar for Business - Cyber Insurance - Customer Reviews
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4.5/5
Based on 47 reviews
4.5
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Based on 47 reviews
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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