Cyber Insurance for Professional Advisory

Who can Buy Cyber Insurance for Professional Advisory?

The following professionals may purchase cyber security policy for advisory.

• A lawyer or solicitor must purchase cyber security policy
• The professionals working in the accounting field should buy a cyber insurance policy
• The cyber security policy can also be obtained by IT consultants
• Chartered accountants may also consider purchasing cyber security policy
• The bank may also purchase a cyber-security policy
• The financial advisor should also obtain a cybersecurity policy
• The cyber security policy can be purchased by an individual working professionally under a law firm, bank, etc.

Cyber Insurance for Professional Advisory: Inclusions

The cyber security policy for personal advisory includes the following.

• Loss or damage caused due to an identified theft
• Any reputational injury caused to the insured or advisor
• The insurer shall cover the legal expense incurred by the insured due to a lawsuit instituted by a third party
• Forensic expenses shall be covered by the insurer
• Any loss or damage caused due to malware intrusion shall be covered by the insurer
• Any loss caused due to an unauthorized transaction
• The cyber security policy for professional advisory includes any loss caused due to the negligence act of the employee
• Any consequential loss shall be covered under the cyber security policy for professional advisory

Cyber Insurance for Professional Advisory: Exclusions

The following losses shall not be included under the cyber security policy for professional advisory.

• Any bodily injury caused to the insured
• Any physical loss caused to the property of the insured
• Any loss or damages caused due to electric short-circuit
• Any loss or damage caused due to avoidance of precautionary measured
• Any damages caused where the insured could have avoided such loss
• Any loss or damages caused due to deliberate action of insured
• Any loss or damages caused due to the involvement or participation of the insured in the malicious or criminal activity
• Any loss or damages caused due to theft or burglary
• No coverage shall be provided in the case or a legal suit instituted before the enforcement of cyber security policy for professional advisory
• Any unexplained loss shall not be covered under the cyber security policy for professional advisory

Cyber Insurance for Professional Advisory: Claiming Process

The insured must follow the below-mentioned steps in order to file a claim under cyber insurance for professional advisory.

• Step 1: The insured must notify the insurer about the loss or damages caused to him due to a cyber-breach
• Step 2: The insured must lodge an FIR or complaints with regard to the cyber breach to the nearest police station or cyber branch
• Step 3: The insured is also required to write a note or letter to the insurer explaining the incident took place
• Step 4: The insurer shall appoint an investigator in order to investigate the validity or substantiality of the claim
• Step 4: The insurer may also appoint a cyber-expert if the incident seems or appears to be of a severe nature
• Step 5: The investigator shall submit the report to the insurer
• Step 6: The insurer, on the basis of the report submitted by the surveyor, shall provide the appropriate damage to the insured

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