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What Is Cyber Insurance For Corporates?

Posted on 12 April, 2022
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Cyberattacks are among the topmost threats to all organizations and businesses operating in this digital era. Due to the increasing number of digital threats, there is a massive rise in the number of firms opting for cyber insurance to seek protection from financial losses related to the same.

Cyber insurance refers to an insurance policy protecting organizations from potential cyberattacks and hacking threats. Owning a corporate cyber insurance policy can help you minimize the damage incurred to your business in a cyber incident as it covers the financial cost of dealing with the cyber-attack and recovering from it.

Cyber Insurance for Employees

What does a cyber insurance policy include?

A cyber insurance policy usually covers the losses mentioned below:

  • Financial damage incurred from a fake email attack

  • Losses incurred from Phishing attacks

  • Costs of malware-related data restoration

  • Costs of prosecuting the cyber attackers or hackers

  • Security of Bank account, debit and credit cards, or mobile wallets of the insured

Cyber Insurance for Corporates

Most companies tend to purchase general professional liability insurance policy to protect against malpractice or negligence in services provided to their customers. We know full well that something as meagre as a stolen laptop, a weak or predictable password or a phishing email can lead to massive data breaches and pose severe threats to your business.

Here are a few reasons why Corporates must invest in cyber insurance:

  • High cost of dealing with data breaches

  • Increase in the number of Cyber incidents

  • Protection against any loopholes in the recent technological advancements

  • Risk management concerning cyberattacks via high-tech apps and freely available software on the web

Suppose you understand the impact of data breaches and the high costs. In that case, you must purchase cyber insurance for your organization to protect it from potential cyber threats. Corporate Cyber insurance policy helps you safeguard your business from such risks.

To Conclude

A security breach or identity theft can bring a considerable recovery cost to your organization. It is wise to invest in a cyber insurance policy that will help you shield your company against probable cyber attacks and their aftermath.

Cyber insurance policies may vary from one provider to another, being a relatively new sector and market. Therefore, you must choose a policy to ensure it contains the protection elements your business requires.

  • Corporate Cyber
  • Product Code: 4056
  • Product UIN: IRDAN115CP0001V01202021

Help us know you better!

This contains only an indication of the cover offered. For complete details on risk factors, terms, conditions, coverages and exclusions, please read the sales brochure carefully before concluding a sale.ICICI trade logo displayed above belongs to ICICI Bank and is used by ICICI Lombard GIC Ltd. under license and Lombard logo belongs to ICICI Lombard GIC Ltd. ICICI Lombard General Insurance Company Limited, ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400025. . IRDA Reg.No.115. Toll Free 1800 2666. Fax No – 022 61961323. CIN (L67200MH2000PLC129408). (Corporate Cyber, 4056 , IRDAN115CP0001V01202021)