Features of IFFCO Tokio Cyber Insurance
The key features of IFFCO Tokio Cyber Insurance include the following:
- Comprehensive Coverage: It covers a wide range of cyber events, including data breaches, cyberattacks, and human errors.
- First-Party and Third-Party Losses: It pays for losses directly incurred by your business and liabilities stemming from third-party claims.
- Business Interruption Losses: The policy covers income loss due to system disruptions caused by cyber events.
- Incident Response Support: It gives you access to an Incident Coordinator to guide and coordinate immediate responses to cyber attacks.
- Regulatory Compliance: The policy helps you with costs related to regulatory fines and penalties resulting from data breaches.
IFFCO Tokio Cyber Insurance Inclusions
IFFCO Tokio Cyber Insurance covers various losses resulting directly and exclusively from cyber events. The following are the key inclusions under the policy:
- Data Breach: It covers emergency response costs, event management costs, notification costs, monitoring costs, recovery costs, damages, regulatory fines and penalties, defense costs, and investigation costs.
- Cyber Attack: The policy includes costs related to emergency response, event management, diverted funds, recovery, damages, defense, and investigation.
- Human Error: It pays off the cost incurred for emergency response costs, event management, recovery, defense costs, and investigation costs.
- System Disruption: The coverage also includes business interruption losses arising directly and exclusively from disruptions to your systems.
- E-threats: The policy also covers e-threat response costs, damages, and defense costs associated with cyber extortion threats.
Disclaimer: This is not a complete list. Please read the policy wording carefully for full details on all inclusions.
IFFCO Tokio Cyber Insurance Exclusions
Let's take a look at the exclusions under IFFCO Tokio Cyber Insurance:
- Pre-existing Cyber Events: The policy does not cover events that happened before the policy's inception.
- Intentional Acts: Any loss resulting from intentional or fraudulent acts by your or your employees are not covered under the policy.
- Contractual Liabilities: The policy excludes liabilities assumed under contracts.
- War and Terrorism: It does not cover losses arising from acts of war, terrorism, or related activities.
- Fines and Penalties: The policy does not pay for criminal fines, penalties, or punitive damages imposed by law.
Disclaimer: This is not a complete list. For full details on all exclusions, please refer to the policy wording.Â
IFFCO Tokio Cyber Insurance Claim Process
Here is how the claim process works at IFFCO Tokio:
- Immediate Notification: Reach out to the Incident Coordinator as soon as possible.
- Incident Assessment: The Incident Coordinator will assess the situation and recommend necessary immediate and further responses to contain or avoid the cyber event and minimise loss.
- Documentation: Keep the documents and all relevant information related to the incident handy.
- Claim Submission: Submit a formal claim with all necessary documentation as per the policy guidelines.
- Cooperation: Cooperate with the IFFCO Tokio during the investigation and settlement process.
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