Cyber Insurance

In this digital era, the rise of cyber threats presents a significant challenge for both businesses and individuals. The increasing frequency of cyber attacks calls for a proactive approach to safeguard sensitive information and financial well-being. Enter Cyber Security Insurance – a vital tool to mitigate the financial impact of cyber incidents. In this comprehensive guide, we’ll delve into the importance of cyber insurance, explore its types, key features, and the eligibility criteria for individuals and organisations and how it serves as a protective shield against unforeseen expenses in the event of cyber attacks.

What Is Cyber Insurance?

Cyber insurance is a safety net for businesses in the digital age, often referred to as cyber risk or cyber liability insurance coverage (CLIC). It’s like having a shield against the unexpected costs that come with recovering from a cyber security breach.

Every year, data breaches harm organisations and cost them millions of dollars. Cyber insurance acts as a lifeline, allowing companies to shift the burden of risk and costs associated with cyber security incidents. It is a smart way to eliminate residual risks, ensure reliability, and manage the financial consequences of a breach.

In the face of cyber threats such as ransomware, data breaches, or network compromises, cyber insurance steps in to mitigate the economic impact. It is a strategic approach that exposes businesses to severe economic pressures, creating a sense of security in the digital realm.

Origin of Cyber Insurance

Cyber security insurance in India has emerged as a necessary answer to the growing threats in the digital sphere in line with global trends. The growth of this concept in India is due to increased reliance on digital technologies, alarming growth in cyberattacks, and the need for companies to protect themselves from financial losses associated with such threats.

The roots of cyber insurance in India can be traced back to the early 2000s when businesses and individuals began to recognise the need to protect themselves against cyber threats. Internet surfing and e-commerce activities increased the prevalence of data breaches and hacking.

Understanding the growing importance of cyber security, the Insurance Regulatory Development Authority of India (IRDAI) delved into the realm of cyber risks and data breaches. In 2017, the IRDAI established comprehensive guidelines for cyber security insurance policy, defining the framework for insurance companies to introduce tailored products addressing cyber risks.

Following regulatory guidelines, various insurance companies in India quickly implemented cyber insurance policies. These policies typically cover a variety of cyber risks, including aspects such as data breaches, network security, cyber enhancements, and business disruptions caused by cyber incidents.

The ever-increasing number of cyberattacks, coupled with widespread data breaches, has generally forced companies and individuals alike to consider cyber insurance an essential part of their risk management strategy.

Contrary to initial perception, cyber security insurance is not limited to large corporations. Small and medium enterprises (SMEs) and individual users are increasingly recognising the value of cyber insurance coverage to protect themselves against the financial consequences of cyber incidents.

As the situation evolves, cyber insurance policies in India have evolved to meet the stringent needs of policyholders. Insurance companies now offer flexible plans, tailoring coverage to the specific needs of different businesses and individuals. The development of cyber security insurance has also highlighted the importance of protecting digital assets in the Indian context and increased awareness of cyber security best practices.

Types of Cyber Security Insurance

Cyber Security Insurance comes in various types, including -

1️⃣Cyber Security
Cyber security insurance, also known as Privacy Notification and Crisis Management Expense Insurance, serves as a financial cushion for businesses and individuals in the digital world. This policy steps in to cover damages suffered by both businesses and individuals in the unfortunate event of a cyber incident. It's important to note that this policy doesn’t cover any third-party losses. In such cases, the responsibility for those damages falls on your shoulders.

The main focus of this insurance policy is to handle the immediate response costs associated with cyber damage, ensuring a swift and effective resolution. Moreover, in the event of a data breach, it aligns with Information Technology laws that often mandate notifying affected parties about the breach, emphasising the importance of compliance in the face of data violations.

2️⃣Cyber Liability
Cyber liability insurance, commonly referred to as information security and privacy insurance, acts as the guardian of your business in the digital realm,. Whether you are selling products online or handling user data, this policy is like a protective ally. It covers you in the event of a data breach, protecting sensitive information such as financial information, personal data, account numbers, your trade secrets, etc. In the ever-changing online world this insurance policy provides peace of mind and support for your business.

3️⃣Technology Errors and Omissions
Professional liability insurance is a valuable asset for organisations in the business or technology sector. This coverage ensures that you don’t bear the entire financial burden of a claim arising from negligence and damages awarded in a legal dispute. It is especially beneficial for creative agencies that can harm the organisation’s reputation.

Considered one of the newer forms of cyber insurance, its importance is growing as businesses increasingly embrace online operations. As more businesses transition to the digital realm, having this insurance policy becomes a specific need to secure their interests and provide financial protection in case they need to cover damages.

Why Is It Important?

Here are some of the reasons why cyber insurance is worth considering -

1️⃣Financial Protection
Cyber insurance is an important shield, providing financial protection to reduce the potentially crippling costs associated with cyber incidents. These costs include a variety of items, such as responding to a data breach, paying statutory and regulatory penalties, handling lawsuits, and costs associated with restoring compromised systems and data. For organisations, these costs can pose a substantial burden.

2️⃣Mitigates Financial Risks
In addition to providing financial protection, cyber insurance plays an important role in reducing risk. With a cyber insurance program in place, organisations can strategically control and mitigate the financial risks associated with cyber threats. This involves shifting a portion of the financial risk to the insurer, minimising the potential impact on the organisation’s overall financial stability.

3️⃣Legal and Regulatory Compliance
In numerous industries and regions, specific regulations govern data protection and breach notification. Cyber insurance emerges as a valuable ally for organisations aiming to comply with these stringent requirements. In the unfortunate event of a data breach, cyber insurance steps in to cover the associated costs, including legal fees and regulatory fines.

4️⃣Reputation Management
The impact of cyber incidents on an organisation's reputation and customer trust cannot be overstated. Cyber insurance typically encompasses coverage for expenses associated with public relations and crisis management. This coverage proves invaluable in assisting organisations as they navigate the aftermath of a breach, enabling them to effectively manage communication strategies and undertake initiatives to restore trust with customers and stakeholders.

5️⃣Incident Response Support
Cyber insurance policies commonly offer organisations access to a pool of experts specialising in incident response, forensics, and remediation. This proves essential for mitigating the impact of a breach and expediting the recovery process.

6️⃣Business Continuity
Numerous cyber insurance policies encompass provisions for business interruption coverage, offering essential assistance to organisations in recovering lost income and managing additional expenses arising from a cyber incident. This is of particular significance for organisations with a substantial dependence on digital operations.

7️⃣Third-Party Liability
Cyber insurance serves as a safeguard for organisations against third-party claims, including lawsuits initiated by customers or partners impacted by a data breach. Additionally, it provides coverage for liability associated with the exposure of personal information or the dissemination of malware.

8️⃣Data Protection
Cyber insurance helps organisations to strengthen cyber security practices and implement robust risk management procedures. Insurance providers often stipulate that you must adhere to specific security standards, leading to an enhancement in overall data protection.

9️⃣Vendor and Supply Chain Risk
In the business world, when one organisation faces a cyber incident, it can impact others in the supply chain. Cyber insurance helps by covering losses caused by the cyber activities of vendors or partners, offering financial protection against these interconnected risks.

How Does Cyber Insurance Work?

Cyber insurance functions much like other types of insurance, involving multiple parties and the processing of claims. Despite its relatively recent emergence, many insurance companies that offer commercial and product liability coverage also provide cyber liability insurance.

This type of insurance is categorised under errors and omissions insurance offered by insurers. It typically addresses both first-party and third-party damages. First-party losses pertain to direct financial and data-related setbacks experienced by a company, whereas third-party damages affect customers or the general public.

Cyber security insurance also encompasses losses resulting from unforeseen online attacks and data breaches. Coverage includes expenses related to data restoration and addressing extortion attempts.

It's important to note that the specifics of coverage can vary among insurers.

Key Features Of Cyber Insurance

Here are some of the highlighting features of cyber insurance -

Safeguards against Digital Threats
Cyber insurance provides essential protection and coverage against a spectrum of cyber risks, including viruses, intentional or unintentional cyber threats, and various forms of cyber crimes, safeguarding individuals and organisations from financial and operational consequences associated with digital risks.
Offers Financial Protection
The coverage extends to both financial and legal costs, ensuring that you are shielded from the economic burden associated with unforeseen events.
Shield Of Armor For Businesses
Cyber insurance serves as a lifeline for businesses, big or small, protecting them from the devastating impact of cyber attacks. It's like a safety net, offering financial support and shielding against losses from data breaches or the theft of important information, helping businesses stay strong in the digital world.
Purchase Process Is Easy
Getting cyber security insurance is a breeze online, and many well-known insurers who handle things like errors and omissions insurance, business insurance, general insurance, commercial property insurance, etc. also provide these plans.

What Is Covered Under A Cyber Insurance Policy?

Cyber insurance policy provides coverage for the following –

?Third-Party Liability
Here are the list of expenses taken care of under third-party liability coverage -

Privacy and Data Breach Cover
The insurance policy is designed to support and protect you or the outsourced service provider you're responsible for, from all damages and defence costs. This coverage extends throughout the insurance period and, if applicable, the discovery period. Claims can come from someone affected by a privacy breach or a client in the case of a data breach. Moreover, the insurer also covers response costs you might incur while responding to and managing the consequences of a privacy breach or data breach found during the insurance period or the discovery period.
Network Security Claims Cover
The insurance provider covers all damages and defence costs resulting from a claim initiated against you for a security wrongful act. This coverage applies to claims reported within the insurance period or the applicable discovery period.
Media Liability Claims Cover
The insurance company will cover all damages and defence costs associated with a claim filed against you for a media wrongful act. This coverage applies during the insurance period or, if relevant, the discovery period.
Regulatory Costs and Fines Cover
The insurance provider covers all fines and penalties, along with defence costs, originating from a regulator-initiated claim against you due to a data breach or privacy breach. This coverage applies to claims made during the insurance period or the relevant discovery period. It is worth noting that the coverage for fines and penalties is subject to a sub-limit outlined in the policy schedule.
E-Payment / Contractual Penalties
The insurance provider is committed to covering all damages, contractual penalties, and defence costs resulting from a claim filed against you by an e-payment service provider during the insurance period or the applicable discovery period. And, the allegation is centered around a negligent breach of any published payment card industry data security standards that you are obligated to follow. It's important to note that the coverage is subject to a sub-limit as outlined in the policy schedule.

?First Party Business Interruption and Crime
Here are the list of expenses taken care of under first party business interruption and crime coverage -

Business Interruption Loss and Restoration Costs Cover
Under this cover, the insurance provider will compensate you for:

Business Interruption Loss: It is the financial loss experienced by you due to a business interruption within the defined indemnity period. This loss results directly from the total or partial unavailability of the company's computer system caused by a business interruption event and exceeds the specified waiting period during the period of insurance.
Restoration Costs: These are the expenses you incur for restoring operations as a direct result of a business interruption event discovered during the period of insurance. The coverage is contingent upon the limit specified in the policy.

Hacker Theft Cover
The insurer will provide compensation to you for any IT theft loss incurred, provided that the incident is first discovered during the period of insurance.
Cyber Extortion Cover
The insurer will provide coverage for the cyber extortion loss incurred solely and directly due to a cyber extortion threat, provided it is first discovered during the insurance period.

To receive payment under this coverage, you must:

Maintain confidentiality regarding the terms and conditions of this cyber extortion cover, unless disclosure to law enforcement authorities is legally required.
Take all reasonable measures to notify and cooperate with the appropriate law enforcement authorities.
Implement all reasonable steps, including engaging a security consultant with the insurer's prior written consent, to effectively mitigate the cyber extortion loss.

?Services

Crisis Communication Cover
The insurer will provide coverage for public relations expenses, aimed at preventing or mitigating the consequences of negative publicity that you reasonably anticipate arising from an event covered under this policy.
Consultant Services Cover
The insurer will cover the consultant costs incurred by you for two main purposes:

To establish the amount and scope of a covered loss, investigate the source of the loss, and take necessary measures to mitigate it.
In situations where you reasonably suspect a privacy breach, cyber attack, or business interruption event, the coverage extends to investigating the occurrence, determining its extent, identifying the causes, and assessing ways to mitigate the effects.

What Is Not Covered?

Exclusions are certain situations that won’t be covered by your insurance policy at any cost. This policy will not provide coverage for any losses resulting from -

Dishonest or Improper Conduct
Losses arising out of deliberate, criminal, fraudulent, dishonest, or malicious acts or omissions. This exclusion extends to intentional violations of duties, obligations, contracts, laws, or regulations or actions resulting in a business interruption loss. However, the insurer will advance defence costs until a final decision by a court, arbitration panel, regulator, or a written admission is obtained.
Bodily Injury and Property Damage
Any Actual or alleged bodily injuries//mental anguish/disturbance/emotional distress/disease/sickness/death of any person, as well as damage to or destruction of tangible property, including loss of use will not be covered. Importantly, data and computer programs are explicitly excluded from being considered tangible property.

However, this exclusion does not apply to claims concerning mental anguish or emotional distress of an affected person resulting from a privacy breach or media wrongful act. It also does not apply to claims resulting from the loss or theft of elements of the company’s computer systems.

Contractual Liability
Liability arising from any contract, agreement, guarantee, or warranty assumed or accepted by you, except to the extent that you would have been liable even if such contractual obligations did not exist.
Prior Claims and Circumstances
Any claim, data breach, privacy breach, cyber extortion threat, wrongful act, or any fact, event, or circumstance likely to give rise to such occurrences that has been notified to any prior insurance policy or that you were aware of prior to the commencement of the current insurance period.
Trade Secrets and Intellectual Property
Any actual or alleged plagiarism or infringement of any trade secrets, patents, trademarks, trade names, copyrights, licences or any other form of intellectual property.
Man-Made Events
Claims arising out of war, terrorism looting and governmental acts.
Pollution
Claims resulting from any type of pollution.
Natural Perils
Losses arising out of electromagnetic fields, radiations, earthquakes, etc.
Unsolicited Communication
Sending unsolicited correspondence or communications (whether in physical or electronic form), wiretapping, audio or video recordings or telephone marketing.
Unauthorised Collection of Data
Any illegal or unauthorised gathering of personal data or client information. However, this exclusion does not apply if such information is collected by any of the company's employees without the knowledge or approval of the company's directors or officers.
Licensing Fees
Any actual or alleged licensing fees or royalty payments, including obligations to make such payments.

Note: This is just an indicative list. The list of exclusions may vary across insurers.

What Is First Party Coverage? What Should You Look For?

First-party cyber coverage safeguards your data, including employee and customer information, and provides coverage for business’s costs related to -

Legal services to determine your notification requirements and regulatory obligations in the aftermath of a cyber incident.
Recovering and replacing data that has been lost or stolen during a cyber event.
Notifying customers and providing call centre services to manage communication during and after a data breach.
Lost income resulting from business interruption caused by a cyber incident.
Managing the crisis and engaging in public relations.
Cyber extortion and fraud.
Forensic services aimed at investigating the breach, identifying its scope, and implementing corrective measures.
Fees, fines, and penalties imposed as a consequence of the cyber incident.

What Is Third Party Coverage? What Should You Look For?

Third-party cyber coverage serves as a safety net protecting you from third-party liabilities. Here is what’s covered under the third-party coverage -

Reimbursement for payments to individuals impacted by a breach or cyber incident.
Coverage for expenses tied to managing disputes or legal proceedings, including settlements.
Protection against financial losses from copyright infringement, or trademark infringement.
Financial support for the costs associated with litigation and addressing regulatory inquiries prompted by a cyber incident.
Reimbursement for expenses related to accounting services necessitated by the cyber incident.

Eligibility Criteria of Cyber Insurance

Cyber insurance coverage is available to anyone aged 18 and above, as well as organisations that recognise the importance of safeguarding their identity and information.

Who Needs Cyber Insurance?

In today's digital world, being online brings about its own set of challenges. Any organisation navigating the web isn't completely immune to cyber threats. The reality is, having an online presence makes you susceptible to the attention of the wrongdoers.

Because of this, it's becoming quite rare for companies or individuals to go without cyber security insurance. If you or your organisation has a notable online footprint, like on social media or through a personal website, having cyber insurance is a must. It's like a safety net, protecting you from potential risks, whether it's securing online transactions with customers or keeping your remote working teams safe. It's just a smart way to make sure you're covered in this ever-evolving digital landscape.

Claim Process

The process for filing an insurance claim can vary among companies. Here are general steps to be followed -

In the event of a suspected cyber fraud or crime, promptly file a complaint at a police station and/or a cyber-cell department.
Inform your insurance provider about the claim within 7 days of discovering the event. Timely notification is crucial.
File the claim in a written format as per the requirements of the insurance provider.
Submit evidence supporting the loss to the insurance company. This may include documentation and any relevant information.
The insurance company may engage an investigator to verify the claim.
If the claim is verified and falls within the insured category, the beneficiary account will receive the payment.
If the claim cannot be accepted, you will be informed of the rejection along with the reasons for it.
If you are dissatisfied with the resolution, you may request mediation to address any disputes or concerns.

Documents Required For Claim

Here is a general list of documents you need to submit for claims -

Fully filled and signed claim form
Copy of FIR filed with police or cyber cell
Copies of legal notice received from any affected party
Copies of summons from any court related to suit filed by an affected party
Copies of correspondence with financial institutions regarding IT theft loss
Legal notice or case filed against financial institution for IT theft loss
Criminal case copies (filed against any third parties under the associated clauses)
Copies of invoices for restoration costs
Copies of invoices for IT consultant services cover expenses
Details/invoices of costs for filing of criminal case or claim for damages against third party
Evidence demonstrating your proprietary ownership of personal data
Evidence to show that loss is incurred by you
Legal notice copies (that have been served to third parties for data or privacy breach)
Any other additional documents as requested by the insurance company.

How Long Does It Take To Pay Out A Claim?

The claim will be processed and settled by the insurance company within a period of 5-7 working days upon submission of all relevant documents and proofs.

How To Choose The Right Cyber Insurance Policy?

Here is a step-by-step guide to help you choose your ideal cyber insurance policy -

Assess Your Risks
To begin, take a closer look at the cyber risks to your organisational or personal information. Identify the specific cyber threats that pose the greatest risk, understand the potential financial consequences of these threats, and identify any weaknesses in your cyber security measures.
Define Your Coverage Needs
Tailor your insurance coverage by evaluating your specific needs derived from the risk assessment. Take into account essential coverage types for your situation, including data breach response, network security, business interruption, legal defence, and regulatory compliance coverage. This ensures that your cyber insurance aligns precisely with the potential risks identified in your assessment.
Research Insurance Providers
Look for reliable insurers with a proven track record in the cyber insurance industry. Evaluate factors like their financial stability, reputation in processing claims efficiently, and the quality of their customer service.
Policy Terms and Conditions
Review the terms and conditions of potential plans carefully, paying close attention to plan limits, discounts, coverage exclusions, and waiting periods. Make sure the plan meets your specific coverage and risk tolerance needs. This careful analysis ensures a thorough understanding of policy conditions and helps you make informed decisions.
Evaluate the Cost
Ask for quotes from insurance companies to assess costs and premiums. While price is key, avoid letting it be the sole determining factor. Review the costs and scope of each provider's coverage, and make sure the plan you've chosen not only fits your budget but also offers a comprehensive coverage for your specific needs.
Customisation
Explore insurance policies that can be customised to suit your specific needs. A one-size-fits-all approach might not effectively address your unique risks. Customisation ensures that your cyber insurance coverage is tailored to the specific challenges you face, and provides comprehensive protection.
Claims Process
You need to have a thorough understanding of the claims process of the insurance provider. In the event of a cyber incident, a smooth and efficient recovery process is essential for timely and effective resolution.
Deductibles and Limits
When evaluating insurance options, carefully assess the deductible and policy limits. Ensure that the deductible is manageable for your budget, and the policy limits are adequate to cover potential losses. This ensures that in the event of a claim, you don’t have many out-of-pocket expenses.
Legal and Regulatory Compliance
Ensure that the policy includes coverage for legal expenses and regulatory fines in the event of a data breach or cyber incident. This becomes especially crucial considering the dynamic nature of the regulatory landscape.
Reputation and Ratings
Before finalising your decision, thoroughly research the insurance provider's reputation and ratings. Review industry assessments, gather feedback from customers, and consider ratings from agencies evaluating insurers' financial strength. This comprehensive analysis helps ensure you select the right insurance provider.
Risk Assessment and Mitigation
Explore whether insurers provide assistance with risk assessment and mitigation as part of their policies. This added service can be valuable in enhancing your cyber security posture. Taking advantage of the expertise provided by your insurance provider aids in a proactive approach to identify and address potential risks effectively.
Transparency
Opt for an insurance provider that prioritises transparency by offering clear and understandable documentation. Steer clear of insurers with overly complex and vague terms to ensure you fully comprehend the ins and outs of your policy.
Consult An Expert
Make sure you work with an experienced insurance broker or consultant specialising in cyber insurance. They can offer valuable insights, assist in navigating available options, and negotiate the most favourable terms on your behalf. This partnership can lead to a more informed decision-making process.
Ongoing Review
As cyber risks continually evolve, it's essential to routinely review your cyber insurance policy. This practice ensures that the coverage stays in line with your changing needs and adapts to the evolving threat landscape. Thus, maintaining the effectiveness of your protection.

How Do You Renew Cyber Insurance Policy?

Similar to other insurance policies, a cyber security insurance policy has 1-year validity and requires annual renewal. The renewal process involves the following steps:

Visit the insurance company's website.
Enter your policy number to access your renewal details.
Review the renewal details and make any necessary changes.
Confirm that all information is accurate and meets your requirements.
Proceed with the renewal process.
Complete the payment for the renewal.
After payment is made, the insurance company will send the renewed policy copy to your registered email address.

Tips To Enhance Cyber Security

Here are actionable tips to fortify your cyber security:

Report any identified malware to relevant authorities promptly, mitigating potential damage.
Implement proactive measures to fortify online security, reducing vulnerabilities.
Set aside dedicated funds to invest in cyber security measures, ensuring a robust defence against evolving cyber risks.
Choose cyber insurance to secure substantial coverage, minimising financial impact in the event of cybercrimes.
Adhere to established cyber security best practices.
Invest in enhancing cyber security expertise within the organisation and implement advanced security measures.
Ensure security and productivity by equipping employees with devices they are familiar with, enhancing overall efficiency.
Strengthen security measures by securing an adequate cyber insurance policy, ensuring uninterrupted business operations.

Companies Offering Cyber Security Insurance

Here are some of the insurance companies that offer cyber security insurance -

Tata AIG
Bajaj Allianz
Raheja QBE
National Insurance
Reliance General Insurance

Note: This is just an indicative list. There may be other insurance companies that provide cyber security insurance.

To conclude,

Cyber Security Insurance serves as a vital safeguard offering crucial financial protection against the rising tide of cyber threats. It is deemed necessary for businesses and individuals to shield them from the unpredictable costs associated with cyber incidents. SMC recognizes this importance and extends cyber security coverage to organisations of all sizes. It provides tailored solutions, acknowledging the specific challenges faced by them in the digital landscape. Thus, fostering a safer and more protected online environment for everyone.

FAQs:

Who is eligible for this plan?
Any individual, startup, or well-established organisation can acquire a cyber security insurance policy.
Will a cyber insurance policy cover copyright infringement or trademark infringement?
Yes, a cyber insurance policy does offer coverage for both copyright and trademark infringement.
If a customer’s data gets leaked online, will the insurer cover it?
Yes, the insurer will provide coverage for any customer data leaks that may occur.
What are the four main covers under cyber insurance?
The four main covers under cyber insurance include privacy risk, operational risk, service risk, and security risk.
Is it important to buy cyber insurance?
Yes, cyber insurance is essential to safeguard against financial losses resulting from cyber risks, including those arising from data breaches. It provides protection against various cyber threats and ensures financial security for individuals and companies.
Why is cyber insurance pricey?
The cost of cyber insurance can be high because many companies heavily rely on data, including sensitive customer and vendor information. In the event of a cyber attack, perpetrators may demand a substantial ransom for stolen data. To provide an enormous financial cover, the insurance premium is set high.
How are the premiums of cyber insurance calculated?
Cyber insurance premiums are determined based on the assessed risk of a breach for a business. The higher the probability of a cyberattack affecting an organisation, the higher the premiums for its cyber insurance policy.
What is the policy period of a cyber insurance policy?
A cyber insurance policy typically has a tenure of one year.
Can you hire a lawyer for legal proceedings in the event of a cyber attack?
Yes, you can engage a lawyer for legal proceedings after a cyber attack. However, it is essential to promptly inform the insurance company as soon as you become aware of the cyber attack.
Can you make your own plan under cyber insurance policy?
Yes, you can customise cyber insurance plans according to your specific needs.
What is the meaning of floater sum insured and per section sum insured?
In a floater sum insured, there is a fixed sum insured that floats over selected sections of coverage. In contrast, per section sum insured involves a separate sum insured for each selected section.
Does cyber insurance come with a deductible?
Some cyber insurance plans may include deductibles for specific cyber crimes within their coverage.
Do cyber insurance policies have sub-limits?
Yes, some insurance companies may impose sub-limits, and these details will typically be outlined in your policy schedule.
What if I am a victim of more than one cyber crime at the same time?
As an insured person, you can typically make a claim for all cyber attacks that have occurred simultaneously. However, the coverage for each incident depends on the specific terms and conditions set by the insurance company.
What devices are covered under the policy?
Cyber insurance generally covers a range of devices, including desktops, laptops, smartphones, phones, tablets, and other smart devices owned and/or operated by you.
How can you purchase this policy? Do you need to submit any documentation during policy issuance?
You can purchase the policy online by visiting an insurance company's website or a broker's website. Typically, you need to provide some details as requested on the website to complete the purchase.