Cyber Crime Liability Insurance 



What is Cyber Crime Insurance?


 Corporate cyber insurance policy covers your losses and business liability arising out of a cyber security breach. The policy offers complete insurance protection to your business against cyber or digital risks that can result in a financial loss to the insured and reputational loss to a third party because of a breach in the insured’s systems.


Why do you need Cyber Crime Insurance?


 It is extremely necessary that the corporates should adopt this policy in order to secure all their financial data, employees & customers’ data, programs, computer and network of an organization from the unauthorized access and exploitation.

Also, in case of a cyber attack there are high costs required to be incurred for forensics, investigation, ransom-ware, and losses related to business interruption of the insured post an attack. Implementation of corporate cyber security will not only minimize the risks of data breach but will also improve a firm’s mean-time to respond to an attack.

What is covered & not-covered by Cyber Crime Insurance?


Inclusions  

·         Individual Security & Privacy Liability: The Insurer will pay the Loss arising out of a Security Breach and/or Privacy Breach by the Insured.

·         Multimedia Liability: The Insurer will pay the Loss arising out of Multimedia Activities of the Insured

·                 Corporate Security Liability: The Insurer will pay the Loss arising out of a Security Breach by the Insured that results in Unauthorized Disclosure of Corporate Information.

·         Incidental claim costs like ransom-ware, forensics and other such costs get covered in the policy.

Exclusions 

·                      Anti –trust: any actual or alleged unfair competition, antitrust violations, deceptive trade practices, or restraint of trade or antitrust statute, legislation, or regulation.

·               Insolvency administration or receivership of the Insured

·     Bodily Injury/ Property Damage: any Bodily Injury other than wrongful infliction of emotional distress or mental anguish arising out of actual or alleged Multimedia Activities, Privacy Breach, Security Breach as covered under Insuring Clauses.