Cyber Crime Insurance

In today’s digital world, an increase in internet penetration, social media and digital banking transactions, have unknowingly increased the exposure to various cybercrimes. Some of the common cybercrimes are

  • Misuse of financial information
  • Data theft, identity theft
  • Cyber stalking, cyber bullying
  • E-extortion
  • Phishing, email spoofing etc.

Cybercrimes are on the rise in India and to cover these new age risks, a traditional liability insurance policy would not prove beneficial. A cybercrime insurance policy would ensure that you get optimum protection against potential cyber threats and risks.

What is covered

  • Legal cost and expenses incurred to pursue or defend any legal action
  • expenses incurred to rectify credit records with bank or the authorities
  • expenses incurred to in consulting psychologist/counsellor
  • cost of professionals engaged in investigating the cause
  • IT Consultant costs incurred by you in order to prove the amount and the extent of a covered loss.
  • indemnity for the unauthorized online transaction
  • reimbursement of expenses to resolve the breach with the banks
  • reimbursement of unpaid leave to take time off work to rectify credit records
  • indemnity for the loss of money resulting directly due to phishing and email spoofing
  • value of any fund or property surrender as an extortion payment This is a general list of coverage and may vary from insurer to insurer.

What is not covered

  • Fraudulent, deliberate intentional Acts
  • Fact or circumstances that existed before the inception of the policy
  • Any claim reported more than 6 months after the occurrence of Event
  • Trading
  • Unexplained loss or mysterious disappearance
  • Any loss or damage caused by government authority
  • Contractual liability
  • Destruction or damage to Tangible property
  • Trade Secrets and Intellectual property
  • War, Terrorism, looting and governmental Acts
  • Dishonest and improper conduct
  • Bodily Injury / Property damage
  • Unsolicited Communication
  • Unauthorized Collection of data
  • Immoral / Obscene Services

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