Cyber Insurance for Professional Advisory

Cyber Insurance policy for professional advisory is designed to offer insurance coverage to businesses providing professional consultants. The professional advisor may be a victim of a cyber attack. Hence professional advisors such as attorneys, accountants, etc., must purchase cyber insurance policies to avoid cyber threats.

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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

FAQs

Que 1: Does the cyber insurance policy cover the general liability insurance?

Ans: No. General liability insurance covers the bodily caused to a third party due to the negligence performed by the insured. Moreover, cyber insurance excludes bodily injury or physical harm to a third party. It only covers loss or damages to the intangible property of the insured.
Que 2: How to renew cyber insurance for professional advisory?
Ans: The insured must follow the below-mentioned steps in order to renew the cyber security insurance for professional advisory.
- The insured must visit the official website of the insurer
- The insured is expected to log in to the account in order to renew the policy
- The insured may add or remove any coverage as per his requirement or convenient
- The insured may make the payment for the additional coverage
- Once the payment is done from the end of the insured, the policy shall be renewed by the insurer
Que 3: What is the policy period of a cyber insurance policy?

Ans: Cyber security insurance generally comes with a term of one year. Upon the expiration of the policy, the insured is required to renew it.
Que 4: What are the major risks covered by the cyber security policy for professional advisory?
Ans: The policy covers the following risks.
- Security risk
- Privacy risk
- Operational risk
- Service risk

Written By: PolicyBazaar - Updated: 17 May 2023

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Undeterred, Mehta pursued justice by filing a complaint with the GRP against the fraudsters for cheating, and forgery under the Indian Penal Code, as well as relevant sections of the Information Technology Act, 2000.
The diligent GRP officer in charge stated that they had contacted the bank to gather details about the account where the money was transferred, as well as reached out to the cell phone companies. They expressed their commitment to bringing the culprits to justice.
This incident serves as a reminder for everyone to exercise caution and remain vigilant while navigating the online realm. Cyber scammers continue to devise increasingly sophisticated schemes, ready to exploit unsuspecting individuals.
Dhwani Mehta's encounter with the injured bird left her with a valuable lesson learned the hard way. Her story serves as a cautionary tale, prompting us all to exercise prudence before placing trust in toll-free numbers discovered on the vast expanse of the internet.

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Prominent Construction Technology Company falls victim to cyber attack, losing Rs 13.8 Lakh in Pune, India. The investigators described it as a "man-in-the-middle” cyber attack technique.

The company's assistant manager filed the FIR at Mundhwa Police Station on Sunday, marking the commencement of the investigation.
As per Ajit Lakade, Senior Police Inspector, the fraudulent scheme took place approximately a year ago when a stone-crushing machine got damaged at the firm. In response, the company's officials resorted to email correspondence with another company that supplies stone crushers.
During this time, the representative of the company received an email that appeared to be legitimate, belonging to the aforementioned party. However, they were not aware that fraudulent individuals sent the email. The message requested the construction tech representative to transfer the payment to a specified account in "Lloyds Bank PLC." Obliging, the company made an online transaction of Rs 13,80,772 to the indicated bank account between May and August 2022. Unfortunately, the construction tech company never received the promised product for which the payment was made. Upon realizing they had fallen victim to fraud, the company officials promptly lodged a complaint with the Pune City Police.
"The complaint has been verified by the Cyber Police Station and forwarded to Mundhwa Police Station for further investigation," said Ajit Lakade, Senior Inspector. As per reports, the police have registered a case against unidentified individuals under sections 419, 420 and 34 of the Indian Penal Code, along with relevant sections of the Information Technology Act. Authorities are diligently examining the two email addresses used by the cyber fraudsters to communicate with the construction company officials in Pune. Simultaneously, they are also investigating the bank account into which the company transferred the money, suspecting it to be linked to cyber criminals or their associates. Explaining the method of such "man-in-the-middle" cyber attacks, the police clarified that the perpetrators gain access to email accounts belonging to either party involved in a business transaction. By intercepting communications, the hackers gather detailed information about the ongoing dealings. Subsequently, they create an email account closely resembling the genuine participant's address and mislead them into depositing the funds into an account controlled by the hackers. Prior instances of "man-in-the-middle" cyber attacks have been reported, highlighting the need for heightened vigilance and security measures. The investigation is underway as authorities work diligently to identify and apprehend the culprits behind this cyber scam, aiming to bring them to justice and prevent future occurrences of such fraudulent activities.

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Cyber Insurance for Professional Advisory

Who can Buy Cyber Insurance for Professional Advisory?

Cyber Insurance for Professional Advisory: Inclusions

Cyber Insurance for Professional Advisory: Exclusions

Cyber Insurance for Professional Advisory: Claiming Process

FAQs

Que 1: Does the cyber insurance policy cover the general liability insurance?

Que 2: How to renew cyber insurance for professional advisory?

Que 3: What is the policy period of a cyber insurance policy?

Que 4: What are the major risks covered by the cyber security policy for professional advisory?

Cyber insurance news

Cyber insurance articles

Disclaimers⁺

Cyber Insurance for Professional Advisory

Who can Buy Cyber Insurance for Professional Advisory?

Cyber Insurance for Professional Advisory: Inclusions

Cyber Insurance for Professional Advisory: Exclusions

Cyber Insurance for Professional Advisory: Claiming Process

FAQs

Que 1: Does the cyber insurance policy cover the general liability insurance?

Que 2: How to renew cyber insurance for professional advisory?

Que 3: What is the policy period of a cyber insurance policy?

Que 4: What are the major risks covered by the cyber security policy for professional advisory?

Cyber insurance news

Cyber insurance articles

Disclaimers+

Disclaimers⁺