These cyber insurance policies will not cover any loss arising out of, based upon, or attributable to dishonest conduct, bodily injury, property damage, infringement of business-related intellectual property, etc. It is always advisable to read the fine print carefully and understand which risks are not included in the policy to avoid confusion later.
While there are several cyber insurance plans available in the market, designed to cover policyholders against potential cyber threats and risks, industry experts say, all such policies do not cover even the common frauds. Hence, one should check before buying a cybersecurity insurance policy, and get additional add-ons to be fully protected.
When buying a cyber insurance policy, experts say, policyholders should keep in mind that personal cyber insurance policies only cover costs that are incurred after the cyber incidents. Any cost incurred before cyber incidents will not be covered by the insurer.
Additionally, when going to make a claim or renewing your cyber-insurance policy, note that you will have to keep your information handy. Deshpande says, “During claim filing, it is mandatory to submit evidence of loss and details of the accident.”
What does the retail cyber-insurance policy include and exclude?
A personal cyber insurance policy protects daily online users from risks that could arise from cyber attacks. These cyber policies cover various online risks ranging from the most common to severe ones. Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance says, “Some of the most common to severe cyber crimes include privacy and data breach, social media hacking, cyberstalking, IT theft, malware damage, email phishing, email spoofing, media liability, cyber extortion, and personal identity theft.”
Additionally, these cyber insurance policies will not cover any loss arising out of, based upon, or attributable to dishonest conduct, bodily injury, property damage, infringement of business-related intellectual property, etc. It is always advisable to read the fine print carefully and understand which risks are not included in the policy to avoid confusion later.
Experts say, depending on their risks, there are certain add-ons a policyholder should consider while buying a cyber insurance policy. There are various add ons that one can opt for with these covers, such as personal payment card loss cover. Deshpande, of Future Generali India Insurance, says, “One should consider buying personal payment card loss cover along with cyber insurance policy. It gives them additional protection.” The personal payment card loss cover provides cover for
loss card liability, counterfeit card liability, as well as ATM Robbery, wherein, the policyholder will get cover against unauthorized transactions made online, including ATM Fraud, in case of loss or card theft. Along with cover against fraudulent transactions made by a third party by fraudulently printing, embossing, or encoding the card to make it appear as a genuine card and use it for making transactions, and cover against robbery of money, withdrawn inside ATM Premises.