Checklist Before Buying Cyber Insurance for Companies
Buying Cyber Insurance isn't as simple as selecting a sum insured and paying a premium. Before an insurer provides a quotation, they need to understand how your business stores data, manages cyberrisks, and responds to security incidents. For businesses, preparing this information beforehand speeds up the quotation process and helps insurers recommend suitable coverage instead of generic policy options.
Thank you for showing your interest in cyber-insurance. Our relationship manager will call you to discuss the details and share the best quotes from various insurers. In case you have any query or comments, please contact us at corporateinsurance@policybazaar.com
Policy wording differs between insurers, so exclusions should always be reviewed carefully.
Step 6: Prepare the Information Insurers Usually Request
Before issuing a quotation, insurers commonly ask businesses to complete a cyber proposal form.
Company Details
Business name
Industry
Registered location
Years in operation
Annual revenue
Number of employees
Geographic operations
Data Profile
Insurers may ask:
What customer information do you collect?
Do you store payment information?
Do you process health records?
Do you store financial information?
Approximately how many customer records are maintained?
Technology Environment
Prepare details of:
Cloud service providers
Internal servers
Third-party hosting providers
Remote work arrangements
Critical software applications
Cybersecurity Controls
Insurers generally ask whether your business has:
Multi-Factor Authentication (MFA)
Endpoint Detection & Response (EDR)
Centrally managed antivirus
Encrypted backups
Vulnerability assessments
Patch management
Employee awareness training
Email security
Privileged account monitoring
Third-Party Vendors
Prepare information about:
Cloud providers
Managed Service Providers
Payment gateways
Software vendors
Data processors
IT outsourcing partners
Previous Cyber Incidents
Disclose any:
Ransomware attacks
Data breaches
Phishing incidents
Business email compromise
Regulatory investigations
Previous Cyber Insurance claims
Desired Insurance Limits
Keep ready:
Required sum insured
Preferred deductible
Required add-ons
Territorial coverage
Retroactive cover (if applicable)
Questions to Ask Before Accepting a Quote
Does the policy include ransomware response?
Are forensic investigation costs covered?
Is business interruption included?
What waiting period applies?
Does the policy cover cloud-based incidents?
Are regulatory defence costs covered?
Does the insurer provide incident response services?
What are the claim notification timelines?
Are subsidiaries covered?
Are third-party claims included?
Cyber Insurance Quote Preparation Checklist
Information Required
Why Insurers Ask for It
Annual revenue
Helps assess the financial exposure and determine the appropriate coverage limit.
Employee count
Indicates the size of the organisation and potential cyber risk surface.
Nature of business
Different industries have different cyber risk profiles.
Customer data handled
Shows whether you store personal, financial, healthcare, or payment information.
Estimated number of records
Helps estimate breach notification and recovery costs.
Cloud service providers
Identifies third-party technology dependencies.
Security controls
Includes MFA, endpoint protection, firewalls, EDR/XDR, email security, etc.
Backup and disaster recovery process
Demonstrates preparedness against ransomware and data loss.
Previous cyber incidents
Past claims or security incidents influence underwriting decisions.
Existing cyber insurance
Helps determine continuity of coverage and avoid overlaps.
Desired coverage limit
Indicates the level of financial protection required.
Preferred deductible
Determines the amount the insured will bear before the policy responds.
Required add-ons
Helps customize the policy based on business needs.
Conclusion
Cyber Insurance has become an important component of business risk management as organisations increasingly rely on digital systems and cloud-based operations. Preparing a complete quote checklist before approaching insurers not only speeds up underwriting but also helps ensure that the policy reflects your business's actual cyber exposure.
By understanding appropriate coverage limits, evaluating useful add-ons, reviewing deductibles and exclusions, and gathering information such as revenue, employee count, data types, security controls, cloud vendors, and previous incidents, businesses can make more informed decisions and obtain Cyber Insurance that supports their operational and financial resilience.
Frequently Asked Questions
Is Cyber Insurance only meant for IT companies?
No. Any business that stores digital information, uses online systems, processes customer data, or depends on technology can benefit from Cyber Insurance.
What information is required to obtain a Cyber Insurance quote?
Insurers typically ask for annual revenue, employee count, business activities, types of data handled, cybersecurity controls, cloud providers, previous cyber incidents, and the desired. insurance limit.
How do insurers decide the premium?
Premiums are based on factors such as the company's industry, revenue, cybersecurity maturity, claims history, amount of sensitive data handled, selected coverage, and chosen deductible.
Can I increase my Cyber Insurance limit later?
In many cases, businesses can request higher limits at renewal or during the policy period, subject to underwriting and insurer approval.
Do all Cyber Insurance policies cover ransomware?
Not necessarily. Coverage for ransomware, cyber extortion, and related incident response services depends on the insurer and the policy wording. It is important to confirm these details before purchasing the policy.
Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Global Cyber Threats: India Emerges as a Key Target in 2024
According to a report by cyber intelligence firm CloudSEK, India ranked as one of the top nations globally affected by cyberattacks in 2024,with 95...Read more
Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
In a startling revelation, the Thane Police have exposed a massive cyber heist, with cybercriminals pilfering an astonishing ₹16,180 crore. This...Read more
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
In a concerning development, cybercriminals managed to siphon off ₹99,999,from the personal savings account of Dayanidhi Maran, the former Union...Read more
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
In a 22-day operation spanning four states, including Uttar Pradesh, Rajasthan, Delhi and Madhya Pradesha Mumbai Police task force comprising seven...Read more
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India is confronting a significant threat of cyberattacks aimed at its critical infrastructure, public sector, and essential services, as per a report...Read more
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune City police uncovered a suspected 'man-in-the-middle' cyber attack that cost a Pune-based engineering supplies firm more than 24,000 Euros...Read more
AIIMS Delhi Hit by Cyber Attack for Second Time in a Year
All India Institute of Medical Sciences (AIIMS) in New Delhi faced a new cyberattack on Monday The premier medical institution promptly responded...Read more
Mumbai Woman Falls Victim to Cyber Fraudsters While Helping an...
A Mumbai woman's act of kindness towards an injured bird took an unexpected turn when she became a target of cyber fraudDhwani Mehta works at Famous Studios...Read more
Scammers Exploit 'Man-in-the-Middle' Technique, Pune Construction...
Prominent Construction Technology Company falls victim to cyber attack, losing Rs 13.8 Lakh in Pune, India.The investigators described it as a...Read more
Reddit Hacked in a Targeted Phishing Attack
Finance minister Nirmala Sitharaman presented the Union Budget FY 2023 on February 1, 2023. Christopher Slowe, CTO of Reddit, revealed the company was able...Read more
FM Nirmala Sitharaman announces Set up of 3 Artificial Intelligence...
Finance minister Nirmala Sitharaman presented the Union Budget FY 2023 on February 1, 2023. The Finance Minister announced the establishment of 3...Read more
Cyber Fraudster Target Customer under Disguise of Insurance Officer
Cyber fraudsters are targeting customers under the disguise of not a bank official but an insurance company official In one such event, a 67 year old...Read more
Sensitive Data of 6 Lakh Indians Stolen by Hackers and Sold at Rs...
Out of 5 million people globally, 6 lakhs Indians have had their sensitive data stolen and sold on the bot market making India, the worst affected...Read more
AIIMS Cyber Breach: Attackers Demand Rs 200 Crore in Crypto
All India Institute of Medical Sciences, New Delhi, India reported a cyberattack on November 23, 2022. Later, the statement released by AIIMS said that...Read more
Cyber Criminals Sending Phishing Links to Twitter Users
Cyber criminals are targeting twitter Verified Twitter user by sending them phishing links. The cyber criminals send the phishing link to steal their...Read more
Advanced Persistent Threat is a hidden, long-lasting, and...Read more
10 Mar 2025 by Policybazaar2161 Views
Disclaimers+
+Disclaimer: The starting premium is ₹2 per day for a ₹5 lakh Sum Insured under an individual plan. The actual premium may vary based on the chosen plan type and selected add-ons. Standard terms and conditions apply. Please refer to the sales brochure for detailed information on risk factors, terms, and conditions before making a purchase. ++Disclaimer: The premium of Rs 112100/year is the starting price for sum insured of Rs 1 Crore that may vary depending on the business activity and services rendered, company turnover, and its geographical split, industries/customers to whom the product/service is being provided, website and domain network features, business continuity plan, and data protection measures. STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover. The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.
Your call has been scheduled successfully.
Expert advice made easy
Date
Time
When do you want a call back?
Today
Tomorrow
19 Jul
20 Jul
21 Jul
22 Jul
23 Jul
What will be the suitable time?
11:00am - 12:00pm
12:00pm - 01:00pm
01:00pm - 02:00pm
02:00pm - 03:00pm
03:00pm - 04:00pm
04:00pm - 05:00pm
05:00pm - 06:00pm
Tell us the number you want us to call on
Your privacy matters. We wont spam you
Call scheduled successfully!
Our experts will reach out to you on Today between
2:00 PM - 3:00 PM
We don't spam
Expert advice made easy
