FAQs on Individual Cyber Safe Insurance – Part One

INDIVIDUAL CYBER SAFE INSURANCE FAQs SERIES: PART ONE Our Individual Cyber Safe Insurance Policy is a one of its kind, unique offering in the Indian Insurance Sector. In this series, we will be covering some of the most commonly asked questions regarding this policy that our customers have. How would I get to know about the perpetrator and file a claim under Prosecution Cost? As soon as you become aware about any incident, you should file an FIR with the Police, along with cyber cell, pertaining to the respective states and jurisdiction. Meanwhile, you should intimate the insurance company about the incident along with the required documents. The Forensics team, with the insurance company, will investigate and find out the reason/source of such an act. You can move to court to file a criminal case against the perpetrator and the insurance company will pay for the legal costs to prosecute the third party in the court of law within the Indian Jurisdiction. Is cyber intrusion into my Computer system or Mobile phone is covered even if the device has been stolen? After factual evaluation of every case, the company shall take the appropriate call. Is it necessary that the computer system used by me be in my own name? Computer system need not be your personal name. You can use any device which has been securely made available to you. This policy will offer cover for any losses arising out of cyber-attack to that computer system. What if the I receive a call from a person who masquerades as a bank official and asks for my bank details/credit card details/debit card details. If I become a victim of such calls, is it covered under this policy? Any telephonic communication/spam/fraud will not form part of this policy. Any digitally written communication through email or any authentic source which can be tracked through electronic means, will form part of this cyber insurance policy. What is considered as reasonable, in case of cost of transportation and photocopy of documents? Test of reasonability is that this cost has been necessarily and prudently incurred, any expenses incurred just because policy provides coverage cannot be considered as reasonable. Is online trading and loss of crypto-currency be covered in this policy? No, it is a standard exclusion in the policy. If the Cyber-attack happens prior to the inception of the policy but I become aware about the same and incur a loss after the policy inception, will that be covered under the policy? No event prior to the inception of the policy will be covered.   If I am prosecuted by my employer for any loss/damage to my employer’s data officially stored on my computer system due to Cyber-attack, will the loss be covered in the policy? No, the policy will only cover the loss of your personal data. If any insured event is covered under multiple insuring clauses, under which clause will the claim be payable? Upon satisfactory scrutiny by the forensics team of the incident, you have the right to choose which insuring clause you want to make a claim under. You can claim under only one Insuring clause per event. Will the policy pay for any claim reported during the policy period about which the insured was aware prior to the inception of the policy? No event prior to the inception of the policy will be covered. Will any loss incurred to the insured through the use of public Wi-Fi be covered under policy? Yes. This is covered under the policy. Will the policy cover any Insured event that has occurred outside India? No, the coverage under the policy is limited to Indian Territory only. What is the limit for Counselling Services extension? The limit of liability for this extension will form part of the overall limit of the Insuring Clause under which the Claim has been lodged. Will loss of personal data due to electrical/mechanical failure be covered under the policy? Any cyber insurance claim related to loss of personal data other than due to Cyber-attack shall not be covered under the policy. Will any bodily injury due to apps/games (e.g. blue whale etc.) be covered under the policy? Any claims arising due to Bodily Injury are not covered under the policy. Is there excess or deductible in the policy? There is no excess or deductible in the policy. Will any fraud with the use of telephonic communication be covered in this policy? Any communication through digital means (SMS, email, social media) will be covered under this policy. Is Cyber Terrorism covered in the policy? Cyber terrorism is not covered under the policy. What does the exclusion Unsolicited Communication exclude in the policy? Unsolicited communication or spam refers to emails or mobile messages that advertise products and services to a large group of recipients without their prior request or consent. Any claim arising out of becoming a victim of unsolicited communication will not be covered under this policy.   Are Licensing Fees covered under the policy? No, any loss to the Licensing Fees/Royalty payments will not be covered in this policy. Have more questions? Visit the second part of our FAQ series or click here to know more about the benefits of cyber insurance and for the in-depth policy wordings.