Cyber Security Insurance

Cyber Security Insurance is designed to protect commercial businesses against a wide range of first and third party liability occurring out of cyber exposures as-sociated with e-business, internet, networks and information assets. Companies with access to private & confidential information about their customers have a responsibility to keep it secure. Equally, companies who have a web presence or a dependency on technology have emerging content and transactional exposures. Cyber risk is steadily increasing. Security/Data breaches affect millions of records a year and reports of breaches continue to rise at a dramatic rate. The introduc-tion of viruses and unauthorised access are well known examples.

WHAT IS COVERED?

First Party Liability
  • E-Theft Loss as a consequence of having transferred funds or property or given any value due to the fraudulent input of data into a computer system or through a network into a computer system
  • E-Communication Loss occurring due to a customer having transferred funds or property or given any value on the faith of any fraudulent communication for which loss you are held legally liable
  • E-Threat Loss including the cost of a professional negotiator and any payment made or any fund or property surrender intended as an extor-tion payment
  • E-Vandalism Loss even when caused by an employee
  • E-Business Interruption including Extra Expenses
  • Privacy Notification Expenses including the cost of credit monitoring services or similar services for affected customers. (Subject to a sub limit)
  • Crisis Expenses including the cost of public relations consultants. (Sub-ject to a sub limit)
  • Reward Expenses includes informant costs. (Subject to a sub limit)
Third Party liability
  • Disclosure Liability including customer claims due to system security fail-ures resulting in unauthorised access to or dissemination of private infor-mation on the Internet
  • Content Liability including claims for intellectual property, trademark and copyright infringement
  • Reputational Liability including claims alleging disparagement of products or services, libel, slander, defamation and invasion of privacy
  • Conduit Liability including claims arising from system security failures that result in harm to third-party systems
  • Impaired Access Liability including claims due to system security failure resulting in systems being unavailable to customer
  • Defence Cost cover available for costs incurred in defending any claim brought by a government agency, licensing or regulatory organisation. Defence Costs in advance of the final disposition of any cyber liability claim and within 30 days of receipt of invoice for such costs
  • Claims definition includes Extradition proceedings
  • Prior Notice Exclusion: Excludes prior notice of a fact or circumstance that has been accepted by the previous insurer
  • Full Severability of Exclusions: Knowledge of one Insured Person is not imputed to another and only knowledge possessed by the Chief Executive Officer, Chief Financial Of-ficer or the Chief Operating Officer of the organisation will be imputed to the organisation

WHAT IS NOT COVERED?

  • Disclosure Liability including customer claims due to system security fail-ures resulting in unauthorised access to or dissemination of private infor-mation on the Internet
  • Content Liability including claims for intellectual property, trademark and copyright infringement
  • Reputational Liability including claims alleging disparagement of products or services, libel, slander, defamation and invasion of privacy
  • Conduit Liability including claims arising from system security failures that result in harm to third-party systems
  • Impaired Access Liability including claims due to system security failure resulting in systems being unavailable to customer
  • Defence Cost cover available for costs incurred in defending any claim brought by a government agency, licensing or regulatory organisation. Defence Costs in advance of the final disposition of any cyber liability claim and within 30 days of receipt of invoice for such costs
  • Claims definition includes Extradition proceedings
  • Prior Notice Exclusion: Excludes prior notice of a fact or circumstance that has been accepted by the previous insurer
  • Full Severability of Exclusions: Knowledge of one Insured Person is not imputed to another and only knowledge possessed by the Chief Executive Officer, Chief Financial Of-ficer or the Chief Operating Officer of the organisation will be imputed to the organisation

HOW TO CLAIM YOUR INSURANCE?

  • Policy Copy and Proposal form
  • Detailed estimate of Loss
  • Details cause of loss and its identification along with log book
  • Contract Copy / Financial Statement / Professional License or Certificate
  • Detailed estimate for repair/rectification to be carried in case fo Property Dam-age.

    • Survey Report along with annexure and/or Photographs wherever applicable

  • All documents and/or information relevant to the claim
  • Discharge voucher of the Insured accepting full and final settlement
  • KYC documents are compulsory where settlement amount is over 1 lac

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