Bajaj Markets

What is Cyber Insurance

With increasing visibility of people and businesses in the virtual world, cyber-crimes are on the rise. From social media accounts to bank accounts, and personal data to identity are all prone to hacks and cyber thefts. While a Cyber Insurance policy cannot protect you from cybercrime, it can definitely cover the financial risks associated with it. Moreover, a Cyber Insurance policy can be used to cover IT-related risks as well.

What does Cyber Insurance cover?

Cyber insurance is a relatively new concept in the insurance domain. This policy covers both 1st party and 3rd party losses associated with cyber damage. In the event of a cyber-breach, a Cyber Insurance policy will cover the following: –

What is the eligibility to apply for Cyber Insurance?

What is the premium and sum insured for Cyber Insurance?

Online cyber insurance plans are quite flexible. The premium is calculated based on factors such as:

What is excluded in cyber insurance policies?

Though the insurance companies provide a wide coverage under this insurance type, there are some specific events which are not covered. These include

Therefore, besides taking strong cyber security measures enabling firewalls, software patches, penetration testing frameworks and procedures etc., it’s also important to have a Cyber Insurance to enjoy an all-round protection. Opt for Cyber Insurance Plan today and grow your business online, tension free!

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