What Is Insurance For Cyber Security?*
The modern cyber insurance policy seeks to protect internet users from illegal online activity. Online banking, social networking, and shopping are just a few of the regular online activities that Indian people engage in.
Cybersecurity Insurance Types
This insurance can be divided into two categories:
- Individual Cyber Security Insurance: Cybersecurity insurance for individuals is designed for frequent online users. You may wonder why cyber insurance is important. It’s because it covers risks tied to deceptive practices, including social media liability, identity theft, malware attacks, cyberstalking, and more.*
- Cyber Liability Insurance: Insurance against cyber hazards is available for IT companies. When an IT company keeps client financial and personal information on the servers, it is responsible.
What Does Insurance For Cyber Security Cover?*
The following categories can be used to group cyber insurance coverage:
- Identity Theft: Use, erasure, or modification of personal data kept on a computer. It takes care of the expenses associated with bringing a case against a third party. The price of getting to court and making copies of the paperwork.
- Facebook Liability: A social networking account is the victim of identity theft. It pays for prosecution expenses incurred while filing a lawsuit against a third party. The price of getting to court and making copies of the paperwork.
- Malware Attacks: These are computer programs sent by text messages, file transfers, downloaded applications, or other harmful behaviour on electronic devices. It pays for repairs for digital device damage brought on by malware.
- Loss From IT Theft: Computer hacking resulted in payments to third parties without authorisation. Financial harm brought on by IT theft. Expenses for solicitors that result from a third-party claim. Cost of bringing charges against a third party who committed IT theft.
- Phishing: Unauthorised access to credit card information, usernames, and passwords. Financial damage brought on by the leak of private data. Prosecution fees that result from a phishing attack on a third party. Email spoofing involves altering or fabricating email headers to make it appear that the message is coming from the intended recipient.
- Claims Involving Media Liability: Unintentional publication or broadcast of any digital content due to a cyberattack. Charges for filing a lawsuit to obtain compensation from a third party. Expenses for getting to court and making copies of papers.^
^Claims are subject to terms and conditions set forth under cyber insurance policy.
- Cyber Extortion: Cyberextortion is the threat of a data leak, cyberattack, or privacy violation. The loss brought on by these dangers. Costs associated with filing a lawsuit to recover prosecution fees from a third party.
- Third-party Privacy & Data Breach: Unauthorised publication of personal information. If any of the breaches mentioned above occur, legal fees are insured to pursue reimbursement from a third party. ^
^Claims are subject to terms and conditions set forth under cyber insurance policy.
The principal exclusions of cyber insurance coverage are as follows:*
- Violating patents, copyrights, and software
- Wars and invasions
- Injuries and damages
- Security precautions
- Damage from a third party
- Electronic device loss
- Unsuitable conduct
- Inappropriate communication
- Depraved services
- Unauthorised data collection
^ Claims are subject to terms and conditions set forth under cyber insurance policy .
*Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
