FAQs on Individual Cyber Safe Insurance – Part Two

In the first part of this FAQ series, we covered generic questions that we receive with regards to our first of its kind Individual Cyber Safe Insurance Policy in the Indian Insurance sector. In this article, we cover further questions that you may have regarding individual cyber insurance coverage available in the policy. Does Identity theft also cover court award in addition to legal costs? Identity Theft only covers legal costs – defense cost if you have been sued by any third party and prosecution cost in case you decide to file a criminal case against any third party. No award or compensation will be covered under this insuring Clause. Is Identity Theft of any third party (documents such as Aadhar Card, Pan-card lying with me) from my computer system is also covered? Only your personal and financial information is covered under Identity theft. Can Financial Loss from the use of my Credit card be covered under any of the Insuring Clauses? If the credit card information has been lost due to cyber intrusion into your computer system and you have suffered from a financial loss as a result of this, it can be covered under IT Theft Loss cover. Is cloning of credit card or debit card covered in this policy? Cloning of Credit/debit card at the point of sale or at the time of use of ATM cards at ATM machines will not form part of this policy. If I receive a spoofed email with a jackpot offer and I become an innocent victim of such an offer and incur financial loss, will this form part of Email Spoofing cover? Yes, any financial loss arising out of being an innocent victim of spoofed email will be covered upto the sub-limit mentioned in the cyber security insurance policy. If I have willingly shared my Credit card details with my friend/relative and they misuse this information to cause me financial loss, will this be covered under the policy? No, this policy covers losses arising out of Cyber-attack and excludes any act of negligence on the part of Insured. Will Business interruption loss due to malware be covered in the policy? Business interruption loss due to malware will not be covered in the policy. Will any insuring clause cover loss of reputation in this policy? No. However, the legal cost (defense cost if a third party files a case against you or Prosecution costs if you decide to file a criminal case against a third party for reputational damages), will be payable. Whereas, no compensation awarded by the court will be payable under this policy. In what situations will the policy compensate me under the Insuring Clause - Cyber Extortion? The policy shall respond towards the hiring of a security expert for loss mitigation and monies payable to eliminate the Extortion threat. For in-depth details on the policy inclusions-exclusion and cyber insurance claim process visit our website.