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What is Corporate Cyber Compensation?

Corporate cyber insurance policy covers your losses and business liability arising out of a cyber security breach. The policy offers complete insurance protection to your business against cyber or digital risks that can result in a financial loss to the insured and reputational loss to a third party because of a breach in the insured’s systems.

Who Needs Corporate Cyber Insurance?

Today every organization is highly prone to cyber-attack/incidents such as- data alteration/deletion, cyber extortion for ransom from database encryption, network lockdown, system failure, system encryption, service unavailable, unauthorised access, fraudulent fund transfer and many more. Therefore, it is extremely necessary that the corporate sector should adopt this practice for insuring their cyber security regardless of the size of an organization. Besides, a cyber attack can result in data exploitation involving highly sensitive customer information, employees data, business or contract details, financial information, shareholders information and other important data. The insurance also pays for the costs incurred in restoration of such data or a legal liability arising out of a third party personal information being misused or leaked.

Why do you need Corporate Cyber Insurance?

It is extremely necessary that the corporates should adopt this policy in order to secure all their financial data, employees & customers’ data, programs, computer and network of an organization from the unauthorized access and exploitation. Also, in case of a cyber attack there are high costs required to be incurred for forensics, investigation, ransom-ware, and losses related to business interruption of the insured post an attack. Implementation of corporate cyber security will not only minimize the risks of data breach but will also improve a firm’s mean-time to respond to an attack.

What is covered by Corporate Cyber Insurance

Below are the detailed inclusions and exclusions of our Corporate Cyber Insurance

  • Individual Security & Privacy Liability: The Insurer will pay the Loss arising out of a Security Breach and/or Privacy Breach by the Insured.
  • Multimedia Liability: The Insurer will pay the Loss arising out of Multimedia Activities of the Insured.
  • For detailed list of exclusions, please read policy wordings.
  • Corporate Security Liability: The Insurer will pay the Loss arising out of a Security Breach by the Insured that results in Unauthorized Disclosure of Corporate Information.
  • Incidental claim costs like ransom-ware, forensics and other such costs get covered in the policy.
Get answers to common questions about Corporate Cyber Insurance
Corporate cyber insurance policy ensures that all the confidential data, programs, computer and network of an organization is secured from the unauthorized access and exploitation. It protects from- risk of financial loss, economic cost, legal consequences and damage to the reputation of an organization resulting from the failure of its information technology systems.
Any entity or organisation having minimum basic adequate IT security measures in proportion to their business size and exposures, is eligible to buy.
It safeguards your organization from uncertain losses and damages which arises due to unauthorized disclosure of confidential data. It protects your organization against potential threat such as malware attacks, privacy & data breach, fraudulent transactions, data alteration/deletion and business interruption losses. It covers all your expenses within the given limits incurred due to the above mentioned damages.
Cyber Attack is a malicious attempt to get unauthorized access to a computer, computing system or computer network with the intentions to cause harm or damage.
Yes, it will be covered within the given policy period, if falling within the coverage of the policy and insurance company will pay up to the policy limit.
Third party liability in Corporate Cyber relates to the liability arising out of a breach of privacy, which can take place resulting from loss, leakage or misuse of third party personally identifiable information. The policy covers costs which are incidental to a privacy breach incident as well.
  •   Individual Security & Privacy Liability: The Insurer will pay the Loss arising out of a Security Breach and/or Privacy Breach by the Insured.
  •   Corporate Security Liability: The Insurer will pay the Loss arising out of a Security Breach by the Insured that results in Unauthorized Disclosure of Corporate Information.
  •   Multimedia Liability: The Insurer will pay the Loss arising out of Multimedia Activities of the Insured
  •   Incidental claim costs like ransom-ware, forensics and other such costs get covered in the policy.
  •   Anti –trust any actual or alleged unfair competition, antitrust violations, deceptive trade practices, or restraint of trade or antitrust statute, legislation,  or regulation.
  •   Bodily Injury/ Property Damage: any Bodily Injury other than wrongful infliction of emotional distress or mental anguish arising out of actual or alleged Multimedia Activities, Privacy Breach, Security Breach as covered under Insuring Clauses.
  •   Insolvency administration or receivership of the Insured
Claims can be registered on our website or by calling the ILGIC call centre or by reporting by email to the relationship manager.
Claim Process to be followed:

Claim Information:
On mail
LOR Request:
List of requirements to be shared by the sales team
Submission of internal reports:
 To be submitted by insured
Investigation Reports:
 Final claim amount to be shared with final investigation report
Seeking Documents:
 DV to be signed by insured
Remittance:
 Payment of claim amount
Dully filled in claim reports.
Screenshots of findings.
Details and evidence of loss like dates, acts or circumstances, people involved and mitigating practices.
Any other document as specified by the Insurance Company
Yes, the premium might increase depending upon the intensity of previous claim. However the increase can be negotiated and reviewed based on the corrective measures adopted after a claim, so that similar incident/s are controlled in future.
There is an inbuilt extended reporting period in the policy for 30days, which can be increased, subject to approvals from underwriters. The ERP will trigger and be applicable, If the Policy is not:
  •   renewed by the Insurer or the Policyholder,
  •   nor replaced by the Insurer,
  •   nor cancelled by the Insurer.