Cyber Insurance for Non-banking Financial Company

All major operations of banking and non-banking financial institutions are governed with the help of technology. However, non-banking financial institutions are prone to severe cyber risks. Such institutions are not licensed. The government plays no role in their supervision. Hence, they are not backed by any government authority. Therefore, they must purchase cyber security policies in order to escape from losses.

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Who can buy Cyber Insurance for Non-banking Financial Company?

The following fund houses need cyber insurance for non-banking financial companies:

  • A pawnshop offering financial solutions must purchase a cyber security policy
  • A saving and loan cooperative must subscribe to the cyber security policy
  • The capital market including a non-bank financial institution must purchase a cyber security policy
  • Companies dealing in the money market must obtain cyber security policy
  • Venture capital companies may avail of a cyber security policy
  • The insurance companies must subscribe to the cyber insurance policy
  • The leasing companies are also prone to cyber risk
  • The Fintech non-financial institutions are also susceptible to cyber risks
  • Pension fund houses or companies such as Employer Pension Fund (EPF) must purchase cyber security policy

Cyber Insurance for Non-banking Financial Company: Inclusions

The cyber security policy offers comprehensive coverage against the claim made by third parties: 

  • The policy offers forensic investigations against the cyber breach
  • The policy offers legal advice to the insured against a claim made by the client or third party
  • The policy offers the benefits of crisis management
  • The policy indemnifies the insurer against the penalties resulting from a lawsuit
  • The policy appoints an attorney in case of a lawsuit
  • The policy offers coverage against the regulatory penalties upon the breach of IT rules

Cyber Insurance for Non-banking Financial Company: Exclusions

Cyber security does not provide coverage for the following: 

  • The cyber insurance contract does not include any bodily injury
  • The insurance policy is not subject to provide any damage to the physical property of the insured
  • The insurer is not liable for the loss caused due to ignorance of knowledge
  • The loss caused due to participation in the dishonest and malicious activity shall not be covered under the cyber security policy
  • The willful and fraudulent act of the insured shall not be covered under the cyber security policy
  • The insurance contract excludes losses caused due to electrical disturbances or mechanical failure
  • The unexplained loss shall not be covered under the cyber security policy

Claiming Process for Cyber Insurance Policy for Non-banking Financial Company

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 lodge a police complaint at the police station or cyber cell department upon noticing the incident
  • Step 2: The insured is required to inform the insurer regarding the cyber threat or fraud
  • Step 3: The grievance of the insured must be submitted in a written form to the insurer
  • Step 4: The insurer shall appoint an investigator
  • Step 5: A cyber expert shall also be deployed in case of the seriousness of the cyber offence
  • Step 6: The investigator shall verify the event and furnish a report to the insurance company
  • Step 7: The insurance company shall either admit or reject the claim on the basis of the report submitted by the investigator

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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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4.3 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.
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4.5 October 04, 2022
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Paperless Process
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4.5 October 03, 2022
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4.5 October 02, 2022
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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.
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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.
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4.5 September 30, 2022
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No Broker And Paper Work
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4.8 September 29, 2022
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Perfect Insurance Coverage
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New Delhi
4.5 March 18, 2022
Ishan
Cloud Storage Cover
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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.
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