Cyber Insurance

Why is cyber insurance important?
We live in a world that is becoming more digitally dependent. Right from our social interactions to professional interchanges and financial transactions, most take place digitally. While digital resources are enabling, they also leave us vulnerable to cyber criminals as a lot of information regarding our personal and professional lives rests in the digital domain. Cyber insurance or cyber security insurance provides coverage from activities such as identity theft, unauthorized transactions, and more.

Why buy ICICI Lombard cyber insurance?

360o Coverage: Our cyber insurance is a comprehensive, indemnity based cybersecurity plan that covers risks such as financial losses and data breach. The plan covers you, your spouse and your children.

Mental wellbeing included: This cyber insurance plan also covers psychologist visit and consultation if required in case of post-traumatic stress.

Pocket friendly: The cyber security insurance can be customized as per your budget and risk exposure. The plan covers you, your spouse and your children.

24x7 Claims assistance: You will have access to round the clock claim assistance to ensure you experience hassle-free claim settlement.

Zero waiting period: Your cyber insurance coverage will begin immediately after you buy the plan. The policy will be valid for a year.

All devices covered: The cyber liability insurance coverage extends to all digital devices you own and use to carry out various transactions.

What is included and what is not?

[Inclusions]

Identity theft
Losses incurred due to the identity theft including lost wages. Also covers the following
Costs related to refiling of rejected loan applications, various credit program if the lender rejected the previous filing due to incorrect information.
Expenses related to notarizing affidavits and other similar documents for law enforcement agencies and financial organizations.
Telephone calls and postage required to correct records related to your identity.
Up to six credit records from verified credit agencies.
Cost of re-issuance of identity documents post the theft.

Cyber extortion: Covers costs for data restoration and forensics, money paid to end/prevent a threat, and the cost of IT security consultants hired by you to manage the threat.

Malware intrusion: Covers cost of data restoration and any lost wages due to corruption, loss or damage to data.

Legal expenses: Reasonable fees/expenses that you may incur for initial consultation with a lawyer, pursuing or defending a legal action against or by a third party. Also covers costs involved in removing any false criminal or civil charges made against you.

Unauthorized transactions: Covers any direct financial loss resulting from a transaction not made/authorized by you. The incident has to be reported to us and the police within 72 hours of it taking place.

Data restoration costs: Covers costs and expenses for up to 30 days for any data restoration required due to cyber extortion, threat or introduction of malware into your computer system.

Reputational injury: Includes publication that harms your reputation and results in loss of wages for you. Covers expenses involved in hiring an IT specialist to remove such publication. Also covers fess for psychologist consultation, if required. You must report the incidence to us and the police within 24 of discovering the publication.

Forensic expenses: Covers the costs incurred, for up to 30 days, for hiring a digital forensic expert to help in resolving incidents such as cyber extortion and cyberbullying.

Consequential losses:Covers any penalty that you may have to pay to a bank or any financial organization for not maintaining the minimum required balance in your bank account or missing an EMI payment on a loan.

[Exclusions]

# Lack of precautionary measures on your part to safeguard information
related to your bank accounts, credit or debit cards, mobile wallets
and internet connections.
# Physical injury, disease, disability, sickness or death.
# Participation, direction or knowledge of any dishonest, criminal or
malicious activity.
# Knowledge of any facts or circumstances that could be the basis of a
claim.
# Any legal proceedings that started before the commencement of the
policy.
# Business activities such as e-trading, blogging, etc., from which you earn
money.
# Unexplained loss or mysterious disappearance.
# Any loss or damage caused by a government order.
# Actual or alleged plagiarism or breach of any trade secrets, registered
patents, trademarks, trade names, copyrights, licenses, or any other
intellectual property.
# Consequential loss or damage including any loss suffered by a Third
Party.
# Any matter that's uninsurable under the law.
# Theft, loss in value, disappearance, inaccessibility of any crypto currency.
# Any damage or destruction to any tangible property and losses
associated with the same.
# Inherent product defect/wear and tear and losses owing to the same
# Dealing in or purchase of securities, commodities, sovereign fund,
derivatives, federal fund, currencies, foreign exchange.
# Distribution of unsolicited correspondence or communication.
# War, terrorism, looting and Government acts.