What is Cyber Safe Insurance ?

The internet is, perhaps, the best and worst creation mankind has invented. With its benefits of connectivity, communication and convenience, it brings with it a set of new-age risks. These can range from misuse of your financial information and data theft to cyber stalking and identity theft.
However, in today’s world, it is almost impossible to function without exposing yourself to the online world, at least to a certain degree. And this makes one very vulnerable to the flip side.
You’re potentially exposed to various cyber related threats almost every day, to protect yourself from potential cyber threats and risks various Cyber Insurance helps you.
The kind of policy offers complete insurance protection to you as an individual or your business against cyber or digital risks that can result in a financial loss to the insured and reputational loss to a third party.

Why Do You Need Cyber Safe Insurance ?

The most dangerous thing about cyber threats is that they are usually not detectable until after they have already happened. Unlike a stalker in real life, a cyber stalker cannot be seen and unlike a suspicious person lingering near an ATM, phishers are hard to perceive. Considering all the possible cyber threats and risks you’re exposed to every time you’re online, various Cyber Safe Insurance Policy help protect you.

Who Needs Cyber Safe Insurance ?

Every individual or 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 person or 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.

Coverages in Cyber Safe Insurance

01

Identity Theft

Identity theft is any fraudulent and unauthorized access to usage, deletion or alteration of your personal data stored in your computer system including your digital devices. It’s just as real a possibility as it is a scary one.
02

Coverage Offered

Defence costs as a result of any claim by affected party Prosecution costs against a third party for identity theft Costs of transportation to court and photocopying of documents.
03

Social Media

Social media cyber-attacks are more common than we’d like. But with our Personal Cyber Insurance Policy we’ll take care of the defence and prosecution costs against identity theft occurring on your legitimate Social Media account as a result of a cyber-attack.
04

Cyber Stalking

Cyber stalking is a frightening fate we wish no one ever had to meet. It’s the repeated use of digital communication to harass or frighten a person. It makes one feel attacked and unsafe all the time, no matter where they are.
05

Malware Attack

Take a minute to think of the number of text messages you receive daily or the number of downloads you make form the internet. The number is considerable, isn’t it? Hence, it’s just as easy for someone with malicious intent to infiltrate and damage your digital devices without your knowledge or consent with the help of a computer program spread through SMS, internet downloads, file transfer and more.
06

Coverage Offered

Restoration costs of your computer system due to damage caused by malware Defence costs because of any claim by affected party for legal liability caused due to the malware in your computer system Costs of transportation to court and photocopying of documents.
07

IT Theft Loss

Convenience of banking transactions online and cyber theft are two sides of the same coin. You can continue enjoying the good side because our Cyber Safe Policy will cover you against the bad one. The financial loss due to funds wrongfully or erroneously paid by you as a direct result of a third party's unauthorized targeted cyber intrusion into your computer system will be covered by us.
08

Coverage Offered

Financial Loss due to IT Theft Costs including legal fees for a claim lodged by you against a financial institution or payment system operators Prosecution Cost against a third party for causing IT Theft Loss.
09

Coverage Offered

Costs incurred by you for prosecution of a criminal case against a third party for cyber stalking.
10

Phishing

Phishing is a new avenue for fraudsters and swindlers to cheat unsuspecting people. It’s any attempt to obtain your sensitive information such as usernames, passwords, and credit card details (and sometimes, indirectly, money), often for malicious reasons, by masquerading as a trustworthy entity through an electronic communication.Individual Cyber Safe Insurance Policy will help you by not only covering any financial loss but also by helping you fight back.
11

Coverage Offered

Pure financial loss sustained by you by being an innocent victim of an act of phishing by a third party Prosecution costs against a third party for phishing attack
12

Email Spoofing

Email spoofing is a forgery or a wrongful manipulation of an E-mail header so that the message appears to have originated from the actual source.
13

Coverage Offered

Pure financial loss sustained by you by being an innocent victim of an act of email spoofing by a third party Prosecution costs against a third party for email spoofing.
14

Cyber Extortion

Cyber extortion is any threat to cause a privacy breach, data breach or cyber-attack. It’s scarier than an actual person holding a knife because online, people can hide behind the shield of anonymity and you can often feel defenceless.Policy aims to help you feel empowered to fight back with our Cyber Liability Insurance.
15

Coverage Offered

Cyber extortion loss that you incur due to a result of cyber extortion threat Prosecution costs against a third party for cyber extortion.
16

Coverage Offered

Defence costs because of any claim by affected party Prosecution costs against a third party for identity theft from Social Media Costs of transportation to court and photocopying of documents.
Inclusions of Cyber Safe Insurance Policy

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 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.

Exclusions of Cyber Safe Insurance Policy

Anti –trust: any actual or alleged unfair competition, antitrust violations, deceptive trade practices, or restraint of trade or antitrust statute, legislation, or regulation. Insolvency administration or receivership of the Insured 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.

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Pinakin Insurance Solutions LLP
Office A-14, Privia Business Center, Next to PCMC RTO office, Moshi, Pune-412105.