The present world is a connected world , connected thru internet. Also digitisation is now the mainstay of our life . Mobile and Internet Banking, Social Media and E-Commerce spending are common features of our life .
Our personal data is being generated, transmitted, and stored on to various digital devices is also growing at an alarming pace . Everybody including the Government and the various law enforcement agencies are concerned about data safety and misuse of this data.
The importance of this data and the complexity of the systems that support its transmission and use, combined with the possibility of remote and anonymous access, have created a gamut of Cyber Risks such as Identity Theft, Malware Attack, IT Theft Loss, Phishing, E-Mail Spoofing, Cyber Extortion, Cyber Stalking, Media Wrongful Act etc. to which Corporates & Individuals both are exposed.
Its no more a scenario from a scifi movie , its real and breathing down our neck , many a times these cyber attacks can burn a big hole in our pockets. A Cyber Security Insurance Policy helps us in case anything untoward happens in this arena.
Previously this policy was available for corporates only , now its available for individuals as well.
Cyber Security Insurance Policies are designed to protect commercial businesses/individuals against a wide range of first and third party liability occurring out of cyber exposures associated with e-business, internet, networks and information assets.
Companies with access to private & confidential information about their customers have a responsibility to keep it secure. Equally, companies who have a web presence or a dependency on technology have emerging content and transactional exposures.
Cyber risk is steadily increasing: Security/Data breaches affect hundreds of millions of records a year and reports of breaches continue to rise at a dramatic rate. The introduction of viruses and unauthorized access are well known examples.
First Party Liability:
Claim arising out of or resulting from any of the following:
Combines benefits of third-party (cyber liability) and first-party (cyber crime expense)