The cyberspace has facilitated the real world to be shrunk. However, crimes happening in cyberspace could eat away the whole business.
It is inevitable in the present-day world to get acquainted, interact and use internet and electronic data to bring about significant business capabilities, growth and reduction of valuable time in routine affairs.
This phenomenal achievement as business tool has brought with it a host of risks. Unless these risks are understood and mitigated, the achievement would turn out to be a disaster for individuals as well as business establishments.
The cyber Insurance policy can be obtained by an individual, group of individuals or entities. Policy is designed and drafted to meet all financial loss that may arise out of cyber risks. Claims means damages, judgments, settlements that are awarded against the Insured person. Policy does not cover civil or criminal fines or penalties imposed by law, punitive or exemplary damages.
IDENTITY THEFT, SOCIAL MEDIA & CYBER STALKING COVER
Identity Theft refers to any fraudulent and Unauthorized Access to, usage, deletion or alteration of Insured’s Personal Data stored in the Insured’s Computer System or Legitimate Social Media Account. Cyber Stalking means the repeated use of electronic communications to harass or frighten someone.
- Policy indemnifies insured, all Defense Costs incurred as a result of any Claim by a person or entity affected by identity theft for Legal liability resulting from any identity theft from computer, from insured’s legitimate social media account by cyber attack.
- Policy also indemnifies the Insured all costs incurred for prosecution of a criminal case under The Information Technology Act 2000 or Indian Penal code or any other law prevalent in India against a Third Party for identity theft from Insured’s computer or legitimate social media account by cyber attack and for cyber stalking.
IT THEFT LOSS COVER
IT Theft Loss means funds wrongfully or erroneously paid by the Insured as a direct result of any Third Party’s cyber intrusion into the insured’s computer system which results in fraudulent and unauthorized access to, deletion or alteration of data contained in the insured computer system
- Policy indemnifies the Insured for IT Theft Loss as a direct result of an IT Theft.
- Policy also indemnifies the Insured, the Cost including legal fees incurred for a Claim for Damages lodged by the Insured’s Beneficiary against appropriate institutions for IT Theft Loss of the Insured.
- Policy further indemnifies the Insured, all Costs incurred for prosecution of a criminal case against a Third party for causing IT Theft Loss to the Insured.
Malware refers to a Computer program received through SMS, File transfer, downloaded programs from internet or any other digital means by the Insured’s Computer System maliciously designed to infiltrate and damage Insured’s system.
- Policy indemnifies the insured for the restoration cost incurred due to damage caused by malware.
- Policy also indemnifies all Defense Costs and expenses incurred as a result of any claim by an affected person or an entity for legal liability that directly results from the Damage caused by entry of Malware.
Phishing is the attempt to obtain sensitive information such as usernames, passwords, and credit card details (and sometimes, indirectly, money), often for malicious reasons, by impersonating as a trustworthy entity in an electronic communication
- Policy indemnifies the Insured the Direct and Pure Financial Loss sustained by being an innocent victim of an act of Phishing by a third party.
- Policy also indemnifies the Insured, the Costs incurred for prosecution of a criminal case filed against a Third party for the Direct and Pure Financial Loss caused to the Insured by Phishing.
E MAIL SPOOFING COVER
E-mail Spoofing means a forgery or a wrongful manipulation of an E-mail header so that the message appears to have originated from the actual source.
- Policy indemnifies the Insured the Direct and Pure Financial Loss sustained by being an innocent victim of an act of E-mail Spoofing by a third party.
- Policy also indemnifies the Insured, the Costs incurred for prosecution of a criminal case filed against a Third party for the Direct and Pure Financial Loss caused by E Mail Spoofing.
MEDIA LIABILITY CLAIMS COVER
Media Wrongful Act briefly means, in the context of the Insured’s publication or broadcasting of any digital media content, any actual or alleged defamation, infringement of any intellectual property, misappropriation or theft of ideas resulting from a Cyber Attack.
- Policy indemnifies the Insured for Defense Costs incurred by the Insured, arising from a Claim for a Media Wrongful Act.
- Policy further indemnifies the Insured the Costs incurred for prosecution of a criminal case filed against a Third party for the Media Wrongful Act.
CYBER EXTORTION COVER
- Policy indemnifies reasonable and necessary fees, costs and expenses incurred by or on behalf of the Insured directly resulting from a threat by an extortionist to cause a Privacy Breach, Data Breach or Cyber Attack.
- Policy also indemnifies monies payable by the Insured to resolve or terminate a threat by an extortionist to cause a Privacy Breach, Data Breach or Cyber Attack.
- Policy further indemnifies the Insured the Costs incurred for prosecution of a criminal case filed against a Third party for Cyber Extortion.
DATA BREACH AND PRIVACY BREACH COVER
Data breach and Privacy breach refers to any unauthorized access, use or disclosure of information or personal data by a third party or any other entity in breach of any Data protection legislation.
Policy indemnifies the Insured of all costs including legal fees incurred by the Insured for a Claim for Damages lodged by the Insured against a Third party for Privacy Breach and/or Data Breach provided the Third Party has communicated in writing to the Insured.
Policy can be extended to cover cost incurred in respect of Counselling Services and IT Consultant Services.
Separate Limits of Insurer’s liability can be mentioned in the Policy in accordance with exposure.
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