Cybersecurity Insurance Selection Tips for Your Business

Cyber insurance is not a new concept; however, it can be a challenge when businesses look out to purchase their first policy. The growing cyber threat landscape along with the changing technology makes this insurance type highly complex. Like any other insurance product, cyber risk insurance cannot undo an unfortunate business-related incident, however, it can safeguard you against its financial repercussions. In this article, we shall share cybersecurity insurance selection tips for your organization.

Read more
Get ₹5 Cr Cover starting at ₹4,60,000*

Get right expert advice

Hassle free policy

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

Fast-track your search with instant quotes from prominent insurers

Don't Gamble with Cybersecurity - Insure Your Business Now!

Step 1/2

Don't Gamble with Cybersecurity - Insure Your Business Now!

secure-icon We don't spam
Are you buying the policy for?
Get Updates on WhatsApp
Check Plans for Free

Don't Gamble with Cybersecurity - Insure Your Business Now!

Step 2/2
Fast-track your search with instant quotes from prominent insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

What is Cyber Insurance and Its Importance?

Cyber insurance is typically a form of business insurance that helps organizations protect against potential losses caused due internet-based risks. Since different insurance players offer cyber risk insurance, their policies may differ in the scope of coverage and premium amounts depending on the plan that one opts for. Before we share the cybersecurity insurance selection tips, it is essential to know the benefits of buying one, in case your business is still uncovered.

- Protects against losses due to business disruption: In case of a cyber-attack, a cyber insurance policy can cover financial losses resulting from business downtime. It may also help compensate for costs to re-establish your systems to get them up and running again.

- Covers privacy breach costs: This policy helps cover expenses involved in managing privacy infringement claims, informing customers, and other related legal costs.

- Extortion defence: The threat of ransomware and cyber extortion is increasing; this insurance compensates the money paid as ransom or cyber extortion.

- Advice and expert support: Some cyber insurance policies may also provide cyber threat prevention support and improvements in IT systems.

Cybersecurity Insurance Selection Tips

Here we list some cybersecurity insurance selection tips to help you make the right buying decision:

Risk assessment

The first step before you buy cyber insurance and the extent of coverage is to understand the cyber risk exposure of your business. This will help determine the kind of cyber insurance needed, the level of coverage required etc. You may assess the risks by asking questions which include the type of data stored, the risk faced by industry peers, the probability of attack, compliance issues (if any), etc.

Policy Terms and Conditions

Before you sign the dotted line, it is always advisable to carefully read all the terms and conditions, exclusions, coverage options and other aspects of the policy. Reading and understanding these terms may help you realise if the plan fits well with the level of risks and objectives. Also, some terms and conditions may vary amongst various insurers. This makes a valid point for comparing different policies.

Due Diligence

One of the most important cybersecurity insurance selection tips includes updating the architecture and cyber hygiene of your system. Insurance underwriters usually check the measures taken by an organization to avoid any kind of cyber-attack. They take into consideration if the business uses unsupported versions of software or hardware, or the frequency of software and hardware update etc.

Risk v/s Premium

Like any other insurance, price or the premium play an important factor before buying the policy. Weighing the coverage needed, the risk you can afford, vis a vis the premium amount is very crucial. The premium amounts also depend on the existing security level and the steps taken to keep them in place.

Reviews and Industry Peers

Online reviews are the easiest ways to get first-hand knowledge about the product and how the users rate them. Before purchasing the insurance, have a look at the insurer's client base; it is important to determine certain facts. Try to consider: do they have clients from your industry, how are their after-sale services reviewed, are there any add-ons that are typically included, etc.?


The most dangerous thing about cyber threats is that they are not usually detected until they have occurred. Cyber insurance is no substitute for strong cybersecurity, the importance of having one is undeniable. Make sure you have a glance through the above-mentioned cybersecurity insurance selection tips before buying a policy.

Cyber Insurance Companies

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Cyber Insurance News

Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
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...
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
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 Pradesh, a Mumbai Police task force comprising seven...Read more
India Grapples with Mounting Cybersecurity Risks, According to Palo...
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-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
Cyber Insurance Articles
As per the Indian Computer Emergency Response Team, 12.67 lakh cyber-attacks were registered by November 2022....Read more
21 Mar 2023 by Policybazaar 12642 Views
Every shop owner must put in extra efforts to make their retail store as safe as possible. To create a secure...Read more
29 Apr 2022 by Policybazaar 6225 Views
We live in the digital era. Now, almost everything is possible online as every other organization is going digital...Read more
12 Apr 2022 by Policybazaar 11495 Views
The cyber risks have increased after the outbreak of Covid-19. One of the main reasons behind the increment in...Read more
31 Mar 2022 by Policybazaar 4666 Views
Cyber insurance for the banking finance & insurance industry offers financial protection against potential...Read more
28 Feb 2023 by Policybazaar 1915 Views
Cybercrime involves criminal activities targeting or utilizing...Read more
25 Jun 2024 by Policybazaar 107 Views
Cybersecurity legislation in India is a critical line of defence...Read more
12 Jun 2024 by Policybazaar 101 Views
India's growing reliance on digital infrastructure has brought...Read more
11 Jun 2024 by Policybazaar 97 Views
In recent years, India has witnessed a remarkable surge in...Read more
11 Jun 2024 by Policybazaar 104 Views
As cyber threats grow more sophisticated and frequent, India is...Read more
11 Jun 2024 by Policybazaar 121 Views
Policybazaar for Business - Cyber Insurance - Customer Reviews
View all
Based on 47 reviews
out of 5
Based on 47 reviews
12 users
34 users
1 users
0 users
0 users
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.
4.3 October 06, 2022
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.
4.5 October 04, 2022
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.
4.5 October 03, 2022
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.
4.5 October 02, 2022
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.
4.5 October 01, 2022
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.
4.5 September 30, 2022
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.
4.8 September 29, 2022
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
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.
4.5 March 17, 2022
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.