All sizes of business are at risk of cyber-threats and data breaches. The repercussions of a cyber-attack can include litigation, damage to reputation and in some cases replacement of IT systems.
On the eve of the launch of the product Praveen Gupta MD & CEO Raheja QBE General Insurance Co. said “Cyber liability insurance has been around in the international markets for more than a decade. However, the Indian market has started offering the same as well. Broadly it covers losses arising from a cyber attack or incident of data breach.
Specifically designed to protect clients and their businesses, Raheja QBE is pleased to announce their newly launched comprehensive, standalone Cyber and Data Security Insurance Policy.”
Who can buy
- Target Sector
- IT Software /Hardware / Services
- Healthcare
- Tourism & hospitality
- Retail
- Real estate , property & construction
- Education
- Food & agriculture
- Manufacturing
- Pharmaceutical
- Minimum Limit of Indemnity – INR 5.0 crs
- Coverages
Third Party Cover
- Cyber, data security and multimedia cover
- Compensation to third parties for the failure to protect third party information held by the insured
First Party Cover
Data breach notification costs cover
As a result of a breach of data held by the insured, cover is provided to pay for the expenses incurred or obliged to pay to notify consumers of the breach, legal fees to assist with communications and costs associated with administering the notification process.
Information and communication asset rectification costs cover
Repair, restoration or replacement of the insured’s computer systems where they were damaged, destroyed, altered, corrupted or misused by a hacker.
Regulatory defence and penalty costs cover
Payment related to a regulatory action, penalty or fine (where insurable by law).
Public relations costs cover
Payment incurred for a public relations and crisis management consultant to avert or mitigate any damage to the insured’s brand or operations.
Forensics costs cover
Payment for a forensic consultant to identify a hacker, a security specialist to assess electronic security and temporary storage of the insured’s electronic data.
Credit monitoring costs cover
Payment incurred for a credit monitoring service to comply with data breach law.
Cyber business interruption cover
Reimburse for the loss of business income as a result of the interruption, degradation in service or failure of the insured’s computer systems.
Cyber extortion cover
Payment for the expenses arising from a cyber-extortion threat.
Risk management
Regular strengthening and updating of all business applications
Restrict and monitor user privileges to operating systems and applications based on user duties
Deploy network security and anti-malware protection software to prevent unauthorized access and malicious content; and
Establish a cyber incident response and disaster recovery plan, train employees, test and continuously improve all aspects of the risk management framework.
