Cyber Insurance

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Cyber Security Insurance Policy in India

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Buy Cyber Insurance India Buy Cyber Insurance Policy From India 

A Cyber Security Insurance Policy provides financial compensation for legal expenses, fees, and other costs that arise due to cyber crimes. A cyber insurance policy also covers the loss or theft of employee or customer data due to a cyber security attack in the organization.

Data breaches, cyber hacking, online scams, and unauthorized access are a few of the many cyber crimes that take place on the internet every day. Hence, it is important to protect your and your client’s data because millions of people are falling prey to these attacks every day. This results in both a financial loss and a reputation loss for an organization.

Insurance Quotes In India Get the Best Cyber Insurance Quotes by Comparing the Market 

Your cyber security is a very crucial part of maintaining the privacy, integrity and reputation of your organization. Mediclaim.net will help you get the lowest cyber insurance quote by comparing all the top insurance companies in your country.

Compare cyber insurance quotes in India and make the best decision for your organisation’s safety in just 3 minutes.

What is Insurance How to get a Cyber Security Insurance Quote on Mediclaim.net? 

All you have to do is follow 4 simple steps:

  • Select the type of organization or profession you want to take the policy for.
  • Tell us about yourself by filling out simple details and requirements.
  • Tell us about your organization and mention the type of coverage and budget that you need.
  • Get a cyber insurance quote and compare the premiums, features, terms and coverages of the companies that are best suited for you.

Inclusions Insurance Policy India Inclusions in Cyber Insurance Policy by Mediclaim:

A cyber Insurance Policy by Mediclaim covers both first-party damages(to the insured) and third-party claims(to employees and clients), in the following cases:

  • Data breach and privacy crisis management:

Expenses for managing a crisis, investigation, call management, data subject notification, remediation, credit checking for subjects, court attendance, regulatory fines, legal expenses, and any other related costs are provided for in a cyber insurance policy.

  • Media and multimedia liability:

When there is a case of intellectual property rights violation, advertisement, domain name or copyright infringement, defamation, and other third-party losses, the financial burden to compensate them is taken on by the insurance provider.

  • Extortion liability:

Losses are incurred due to the threat of extortion and blackmail and the professional fees to deal with such crises are taken care of by the insurance company.

  • Network security liability:

If there is a case where the insured or a third party faces denial of access to their data, or there is theft/ loss of data, then cyber insurance will compensate for expenses spent on recovering the data and financial loss suffered due to loss of data.

The insurer can also provide coverage to the first-party for reducing the consequences of Cyber Security hacks and data breaches in the following cases:

  • Communicating with impacted clients and third parties.
  • Credit monitoring
  • Implementation of PR and reputation managing campaigns.
  • Recovery activities.
  • Someone spitefully destroys your private data.
  • Denial of service (Dos) attack by a hacker.
  • Someone plants a virus or malware in your system or hard drive.
  • Natural disasters destroy your computer and the information within.
  • Someone holds your data for ransom.
  • Funds transfer fraud.
  • Computer fraud.
  • Cyber terrorism.
  • Any other additional inclusions are offered by the insurance company.

Exclusions Insurance Policy India Exclusions in Cyber Insurance by Mediclaim:

Cyber security insurance policy does not generally cover the following:

  • Loss of profits or earnings in the future
  • Loss of value and significance due to the theft of your intellectual property rights.
  • The cost to improve your internal technological systems, software, and security measures after a cyber attack.

Who should take a Cyber Insurance Policy Cover?

Cyber Security Insurance Policy Cover India

  • Small-business:

Many small companies focus more on their growth and revenue before looking to expand their cyber security measures. This is the main reason why they become an easy target for hackers to enter into their systems easily and launch a cyber attack. After such an event has taken place, it’s hard for them to recover from these incidents financially and protect their reputation. Therefore, small organizations should definitely opt for a Cyber Insurance Policy cover.

  • Growing organizations:

As your business starts to grow and come into the public eye, more and more clients approach you and trust you with their private information. However, this also leads to more cyber attackers trying to get into your systems and gain a profit by holding this data for extortion. Hence it’s important to invest in a cyber Insurance Policy cover to protect your data, your growing reputation as well as your financial resources.

  • Big companies and MNCs:

It is quite apparent why cyber security attackers would want to hack the data of companies that possess a large number of customers and a large amount of information. They can threaten to expose your and your clientele’s private communication and ruin the reputation that you have built over several years until you pay them a huge sum of money, which still doesn’t guarantee the fact that your information will be secure thereafter. To protect you and your business from such adverse situations, you should opt for a cyber security insurance policy.

  • People and organizations holding sensitive information:

Any business or person that has valuable data whether it belongs to them or their clients should secure themselves with a cyber security insurance policy.

Key Features of Insurance IndiaFeatures and Advantages of a Cyber Insurance Policy in India

  • Protection against all threats and attacks that take place on computer systems or online.
  • Coverage of financial expenses.
  • Individuals can also cover themselves with a suitable cyber insurance quote.
  • Protects every type of organization from small to big from being ruined due to a cyber security attack.
  • Cybersafety and security are ensured both in the workplace and on the internet.
  • Easy to get a cyber insurance quote online and buy a policy suitable to your needs.
  • Both first-party coverages and third-party claims are taken care of.
  • Appropriate action can be taken against cyber attackers and hackers without worrying about the cost and reputational damage.

Cyber security, Cyber-attacks How to improve Cyber Security and prevent Cyber-Attacks?

You must take precautions even if you invest in a cyber Insurance policy cover. A cyber Insurance policy serves as a helping hand in case of any mishaps, but if appropriate measures are taken from your side, these mishaps are less likely to take place. Some measures to enhance your cyber security are:

  • Respond to cyber threats instantly and stop them as soon as you can by installing anti-malware and firewalls in your systems.
  • Enhance cyber protection and implement security measures to secure your data as much as you can.
  • Hire experts and ethical hackers to look into your system and detect any flaws.
  • Ensure that your employees and everyone else in the organization are also taking appropriate security measures and know how to use precautionary mechanisms.
  • Never save bank information and login details online.
  • Use safe payment platforms
  • Backup all of your digital information in a secure place.
  • Regularly change your passwords and revise your security standards.
  • Cyber insurance premiums should be set aside while planning your budget so that you can secure yourself with a good cyber security insurance policy.