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What Is Cyber Risk Insurance?

We can’t deny the importance of technology, social media and transaction over the internet nowadays, in terms of providing instant business solutions and reaching out to prospective customers. While these factors serve as benefits, they also work as a gateway to cyber attacks. Therefore, an insurance policy is very much important to deal with any sort of losses you could suffer due to the exposure to cyber attacks. This role is played by the cyber risk insurance policy that helps an organization or business group alleviate risk exposure by offsetting expenses regarding financial recovery after a cyber related security breach or any related event.
However, it should be kept in mind that the cyber risk insurance policies can’t defend your organization from cybercrime, but cyber risk insurance policy in India can certainly help you to keep your business on a stable financial balance in case of the occurrence of any significant cyber security break.
Businesses that bear sensitive customer information, finance, banking, health care service providers, IT services etc must take a dedicated cyber risk insurance policy. Businesses, regardless of its service or service, chiefly depend on IT infrastructure to perform their day to day operations and businesses. Any event of compromise with IT security can bring about enormous data and business loss, expensive lawsuit etc. As a result, to safeguard business functioning and its operations, enterprises must decide on a comprehensive cyber risk insurance plan.


Importance of Cyber Risk Insurance in India

With cyber hacks and data breaches apparently dominating the headlines every day, business leaders are becoming more concerned than ever about hackers and other breaches in data security. This global threat is twice as troublesome for accounting firm leaders, who face the twofold challenge of not only safeguarding their information such as a business, but also protecting the clients’ information.
Any security breach in the technology of your business can set you back financially and even worse, you could suffer from mental disturbance. Therefore it’s always prudent to protect your businesses with the best cyber risk insurance policies to deal with all the consequences that may occur due to any malfunction in the technological security issues.


Cyber Risk Insurance Coverage

There are two types of coverage under cyber risk insurance online in India: First Party Coverage and Third Party Coverage.

First Party Coverage
• Data breach/Privacy crises.
• Court attendance, Legal costs and regulatory fines.
• Expenses related to the management of an incident: Legal and forensic services to decide whether a breach occurred and assist with authoritarian observance if a breach is confirmed
• Cyber extortion – Ransom payment along with the costs of specialized negotiator.
• Loss of revenue or business interruption resulting from a cyber-attack.
• Public relations and Crisis management.
• Costs involved in managing a crisis and data loss recovery.

Third Party Coverage
• Network security liability.
• Third-party damages as a result of denial of access. Covers the costs related to data on third-party suppliers and covers the costs related to the theft of data on third-party systems.
• Media /Multimedia liability cover.
• Third-party damage cover under cyber risk insurance can comprise intellectual property rights infringement and precise defacement of website.
• Regulatory fines, legal costs and court attendance.

Benefits of Cyber Risk Insurance

Cyber risk liability insurance policies are exclusively designed to safeguard individual users and businesses from a number of Internet-based risks. More specifically, cyber risk insurance online offers protestation against various risks related to information technology (IT) infrastructure and activities. A number of cyber risk insurance companies in India offer these policies online. You can easily get cyber risk insurance quotes by visiting an insurer’s website. Find out the cyber risk insurance coverage and its benefits below.
Universally Accepted Policies:
Cyber risk insurance policies are universally recognized by investors, international companies and external agencies. On the other hand, cyber risk insurance coverage meets all the contractual requirements that you may have.
Availability of Industry Specific Policy:
The cyber risks and the cyber risk insurance coverage vary on a considerable amount from one industry type to another. In such cases, E-commerce firms are most vulnerable since it’s where financial transactions take place. Websites that require passwords to access or sites that store personal information are also vulnerable to data theft in particular. The cyber risk insurance policy we provide you with factors in the right risk level.
Original Retroactive Date:
Cyber risk insurance plans cover claims related to any event after the retroactive date. This is basically specified as the start date when you first purchased the first Cyber Liability insurance. Cyber risk insurance policy makes sure that cases that come to pass several years after the incident also get coverage.
Comes with Comprehensive Cover:
Cyber insurance online comes with comprehensive coverage that covers liability or loss due to payment gateway flaws, data breaches or deliberate cyber and data fraud. The cyber risk insurance online coverage may be for first party or third party. First party covers the losses that you incur such as audit costs or damage control losses. Third party refers to the losses incurred by your vendors or customers. This coverage comprises of data theft of your clients.


What Is Not Covered Under Cyber Risk Insurance in India?

Just like any other insurance policies in India, Cyber risk insurance plans, also comes with a number of exclusions. This means, the policy will not offer any coverage under some specified circumstance. Find out the typical exclusions under cyber risk insurance online.
• Data transfer to HR vendors, for the purpose of payroll in particular.
• Data stored on external servers that are not controlled by you.
• Copyright infringement.
Some major exclusion can be removed. However, the key is to go over each data transfer process and technology platform with the insurer.


How GIBL Can Assist You with Cyber Risk Insurance Online?

GIBL, being one of the best online insurance service providers, make sure that you get the best cyber liability insurance policy within a premium that’s affordable for you. The cyber liability insurance that we offer is characterized by comprehensive coverage and deals with all types of risks associated with cyber risk. You can get instant quotes on cyber risk insurance from our site.