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. Specifically designed to protect clients and their businesses, Raheja QBE General Insurance has launched comprehensive, standalone Cyber and data security insurance policy.
On the eve of launch of the product Mr Praveen Gupta, Managing Director and Chief Executive Officer, Raheja QBE General Insurance Company Limited said
“We are very pleased to announce the launch of our Cyber and Data Security Offering”
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
Coverage
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
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 defense 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.
For more details please visit www.rahejaqbe.com
