Cybersecurity Insurance: Claims & Cost?
Updated: Aug 21, 2022
Cyber Insurance: Your ultimate guide to cyber insurance and claims. Better equipped now than every.
Cost of cyber insurance? What is the coverage of cyber insurance? Is individual covered in a company cyber insurance? What is the claim rate? These are major queries that come to mind. We google and finally don't get. We are making an attempt to solve this confusion.
Cyber Security insurance requirements: Cybersecurity insurance market is on the raise. Look at the keyword search results from a famous keyword ranking website. But, do you have what it takes to cover a cyber risk insurance claim?
Cyber insurance coverage in India is a growing industry. The recent PWC-DSCI report highlighted the increasing number of companies seeking to secure their cyber risks. Major sectors in India that are seeking to secure their cyber risk exposure include IT, ITES, banking and financial service industries, pharma, manufacturing, hospitality, and R&D. According to the report, the cyber insurance market in India is expected to grow at a CAGR of 27% and surpass $22.8 billion in five years.
Corporate Cyber Risk Insurance: For a typical corporate cyber policy, which has a maximum assured amount of Rs 50 crore, the premiums are up by 4.5 to 4.8 lakh per year.
Cyber Security Insurance: Up to 5 Lakhs / year
Cyber Cover for IT Sector: Up to 2 Lakhs / year
Cyber Liability Cover: Up to 3 Lakhs / year
Data Theft Insurance: Up to 2 Lakhs / year
Individual Cybersecurity Insurance: The cost of cyber insurance policies depends on the amount of cover desired. Generally, an individual cyber insurance policy will cost between Rs. 650 and Rs. 700 per year. It is important to note that these policies do not cover the future loss of profits or intellectual property. In addition, such insurance policies are required to be renewed annually. Premiums for individual cyber insurance policies are relatively low. An individual cyber insurance policy will cost between one and four percent of the sum insured.
The number of claims are increasing and the regulatory is improving rules on this new domain. It is right time even now. It is always better to be prepared for an online attack. We have been trying to explain the same to many clients that the first step to cybersecurity is an insurance cover. Any valuable CISO would explain the benefits of Insurance. It is important to find more companies and individuals on boarded to insurance.
Cyber security insurance for small business and startups should be mandate. What is covered in cyber risk insurance?
How to buy your cyber risk insurance?
Ideally you should have a Risk Management Assessment reports. But, it can be done later also, for a comprehensive cover. What are the different types of Cyber Risk Insurance (CRI) offerings?
Types of CRI #1: Cyber Risk Insurance Types?
CRI Coverage #2: What does each insurance cover?
Claim CRI #3: How to claim Cyber Risk Insurance?
Types of CRI #1: Cyber Risk Insurance Types?
There are four types of cyber risk insurance categories. 1. Cyber Security Insurance: Coverage against Cyber Extortion Compare Online from 15+ Insurers
2. Cyber Cover for IT Sector: Coverage against Malware Intrusion Covers all Legal Expenses Incurred
3. Cyber Liability Cover: Coverage against any Data Breach Ensure Cyber Safety and Security
4. Data Theft Insurance: Financial Cost Coverage Easy Online Purchase Facility
Cyber insurance coverage in India is a growing industry. The recent PWC-DSCI report highlighted the increasing number of companies seeking to secure their cyber risks. Major sectors in India that are seeking to secure their cyber risk exposure include IT, ITES, banking and financial service industries, pharma, manufacturing, hospitality, and R&D. According to the report, the cyber insurance market in India is expected to grow at a CAGR of 27% and surpass $22.8 billion in five years.
The cost of cyber insurance policies depends on the amount of cover desired. Generally, an individual cyber insurance policy will cost between Rs. 650 and Rs. 700 per year. It is important to note that these policies do not cover the future loss of profits or intellectual property. In addition, such insurance policies are required to be renewed annually. Premiums for individual cyber insurance policies are relatively low. An individual cyber insurance policy will cost between one and four percent of the sum insured.
CRI Coverage #2: What does each insurance cover?
List of cyber risk insurance policies coverage (subject to changes):
Denial of service attacks or the inability to access websites or systems.
Unauthorized access to, use of, or tampering with data.
Disclosure of confidential data (invasion of privacy).
Malicious or accidental loss of data or digital assets.
Introduction of malicious code or viruses.
Cyber extortion or terrorism threats.
Personal media injury (defamation, libel, or slander) from electronic content.
Regulatory action, notification, or defense expenses.
Crisis management and public relations expenses.
Data or system restoration.
Business interruption expenses.
Identity theft.