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Role Of Cyber Insurance
Oct 29, 2023

The Role of Cyber Insurance in Mitigating Cyber Attacks

The use of digital tools and spaces to enable ease in various aspects of life, small and big, is no longer a novelty. Most citizens today use digital means in their personal as well as professional lives. While some are early adopters, others prefer to be the late majority. However, there is rarely a group of people whose lives, in one sphere or another, have not been touched by digital advancement. When thinking of digital growth, it is not enough to know what it has to offer and how it could be put to best use. Instead, one should also know how to exercise caution and practice precautions to elevate their safety. With every new step taken in the direction of digital innovation, there is also an increase in the risk posed by users of the system. Fraudsters can employ equally innovative methods to get what they seek by duping the unsuspecting and the innocent. If you rely on digital means, in one way or another, you are prone to being duped online, or ‘cyberattacks’. To ensure your security as well as that of your data and finances, it is essential to take measures to stay protected from cyberattacks, which can come in various forms. One needs to stay updated with the various ways they can protect themselves. However, one is never fully safe as attackers can be one step ahead. Thus, to add a layer of protection to their digital presence, you may want to consider cyber insurance.

What is Cyber Insurance?

When considering cyber insurance, it is important to have clarity on what insurance means. It is not a way for you to directly thwart any attacks you may face digitally. However, it can certainly help you deal with the aftermath and allow you to gain support and protection to help you cope with the situation. A cyber insurance policy can be purchased online in India. It offers you coverage against any loss you may face due to a digital attack or a cyber threat. The type of threats covered, and the compensation and support offered in the face of such threats will depend on the type of policy and coverage chosen. Here are some of the common inclusions of cyber risk insurance that can help you understand its importance.

Income Loss

A cyber attack can threaten your business or work. If in some way, this leads to a loss of income, you can seek support from your cyber insurance policy. This can help you stay afloat even during difficult times and keep your business running with the financial support you get from your policy.

Threat to business

If a cyber attack hampers your business in a way that you are no longer able to support routine operations, your insurance policy may be of help. It could offer financial support to help you continue with your business.

Legal costs

Dealing with a cyber attack can be a long-drawn affair and require you to seek legal support. In India, legal proceedings can end up costing you numerous resources, but most importantly your time and money. Cyber insurance coverage can help you with the cost of legal proceedings.

Recovery of data

Following a cyber-attack, you may need some professional help to recover your data. Breach of data is a common form of cyber-attack these days. The cost of this professional help can be covered by your policy.

When Buying Cyber Insurance

Remember that cyber insurance coverage may not be all-inclusive. What you are offered may depend on the policy choices you make. Here are some of the things you should note when getting a cyber risk policy.

Inclusions and Exclusions

If you want a clear idea of what your policy will offer and what it will not cover, it is important to go through the inclusions and exclusions. This allows you to know what you can expect from your policy.

Limitations

The policy may not cover the entire cost of damage you have sustained. Thus, get a clear idea of the coverage limitations of the policy when buying it. You can talk to the insurance provider to understand your policy better.

Cybersecurity requirements

When buying cyber insurance, your insurer may require you to implement some cybersecurity measures such as firewall, antivirus, encryption, training human resources to identify threat attempts, and more. Ensure that all the required measures are in place. The idea that most people who are digitally connected are under threat can be a tad daunting. However, cyber insurance is the sort of security that can help you deal with the aftermath. Along with getting insurance, it is also important to have the right security measures in place to protect yourself and your business.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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