A corporate cyber insurance policy, also referred to as “cyber risk insurance” or “cyber liability insurance”, is a financial product that enables businesses to transfer the costs involved with recovery from a cyber-related security breach or similar events. It protects businesses against computer-related crimes and losses. This can include targeted attacks, such as malware and phishing, as well as the occasional misplaced laptop containing confidential material.
Today’s business technology opens up a world of possibilities but also raises some cyber protection concerns. Threats of data breaches and computer hacks are real for all businesses. With hackers becoming bolder and cyber-attacks getting bigger and more frequent every year, business owners must take control of their computer security and protect themselves. Cyber insurance provides businesses the coverage they need to protect one of their most valuable assets – data. It offers comprehensive protection against first and/or third-party liabilities arising due to system security breaches, flaws in payment portals, data fraud or any other internet related risks.
Cyber Insurance offers comprehensive protection by covering damage or losses to first party and third party due to events like a system security breach, payment flaw, data fraud and other internet related risks.
Cyber Insurance is recognized by international laws, investors, external agencies, and multinational organizations, thus protecting your business internationally.
Types of cyber risks faced by businesses may vary based on the nature of their business. E.g., an e-commerce firm or a financial services firm are more prone to cyber-attacks. Cyber Insurance offers you customized coverage which are suitable to your business type
Cyber Insurance pays the ransom costs when hackers deny an insured access to their own network and threaten to obtain or disclose sensitive information unless a ransom is paid.
In a digital world, property is no longer exclusively tangible, so cyber coverage is needed to pay for the recovery costs of intangible data. It covers the costs to replace, restore, or repair damaged or destroyed data and software.
Data breaches can have profound PR implications for any business. Cyber Insurance covers costs of engaging a crisis-management team to help mitigate reputational harm due to a cyber event.
This covers costs to hire computer forensics consultants working under the direction of your attorneys to determine whether a data breach has occurred, to contain and prevent further damage, and to investigate the cause and scope of the breach.
Covers costs associated with responding to a breach, such as forensic costs to confirm and identify the breach, costs to notify affected individuals, credit protection services, including costs to staff a call centre for redemption of monitoring offers, and crisis management costs.
Covers lost business income when a company has its network-dependent revenue interrupted. Technology growth has created new business income perils, such as viruses, tech failures, programming errors, and computer hacking, so cyber coverage is needed to pay for interruptions from these events as well.
Covers costs to defend and resolve claims related to online content, such as copyright or trademark infringement, invasion of privacy, defamation, unintentional infliction of emotional distress, unfair practices and negligence in connection with your media activities
No need to coordinate with multiple points of contact and third parties. With Raghnall, you only need to stay in touch with us and no one else.
At Raghnall, we have specialized underwriters and product experts who take time to understand your business and offer the coverages suitable to your needs.
As a fully independent broker we customize cyber insurance coverage catering to your needs and provide the best price for most comprehensive coverage.
Like, retail, hospitality, e-commerce etc.
For example, Healthcare, Consulting firms, or I.T. companies.
Such as entertainment, technology, transportation and logistics.
Corporate cyber insurance policy ensures that all the confidential data, programs, computer and network of an organization is secured from the unauthorized access and exploitation. It protects from the risk of financial loss, economic cost, legal consequences and damage to the reputation of an organization resulting from the failure of its information technology systems.
Any entity or organisation having minimum basic adequate IT security measures in proportion to their business size and exposures, is eligible to buy.
Cyber Attack is a malicious attempt to get unauthorized access to a computer, computing system or computer network with the intentions to cause harm or damage.
Yes, it will be covered within the given policy period, if falling within the coverage of the policy and insurance company will pay up to the policy limit.
Some of the major exclusions under corporate cyber insurance are: Any actual or alleged unfair competition, antitrust violations, deceptive trade practices, or restraint of trade or antitrust statute, legislation, or regulation. 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. Insolvency administration or receivership of the Insured Criminal Proceedings Business Interruption from Systems Under the Control of Third Parties Please refer the policy wording for the entire list of exclusions
Yes, the premium might increase depending upon the intensity of previous claim. However, the increase can be negotiated and reviewed based on the corrective measures adopted after a claim, so that similar incident/s are controlled in future.