Why cyber liability insurance is important

13 January 2020

We are well into the digital age. From financial transactions to shopping and dining, almost all the goods and services are either booked or availed digitally. Today organizations store information digitally and depend upon the integrity & availability of their websites and computer networks to operate.

According to recent reports, India is only second to USA in terms of the number of cyber crime cases reported each year. An organization’s business activities can come to a grinding halt if its digital assets are compromised because of a cyber-attack – defined as an incident in which the confidentiality, integrity or availability of data is compromised, such that the data is vulnerable to access or acquisition by unauthorized persons. That is why your company needs cyber liability insurance.

What Cyber liability insurance covers
First Party Coverage

Pays expenses your organization directly incurs as result of the cyber-attack for -

  • Privacy & notification costs
  • Investigation costs
  • Regulatory costs & fines
  • Business interruption & restoration costs
  • Cyber extortion/hacker theft
  • Professional services - crisis communication, forensic, IT services
Third Party Coverage

Applies to claims (damages and legal costs) against the organization by individuals / entities that have been injured as a result of an organization’s actions or its failure to act for -

  • Breach of Privacy / Data Liability
  • Network Security Liability
  • Media Liability

So, protect yourself against cyber crime today by opting for appropriate cyber liability insurance cover.