Page 35 - Insurance Times Janaury 2021

not mandatory in India to report such crimes, and reimbursed for the costs associated with coping up with the
sometimes companies too refrain from it fearing dent in unfortunate event.
image and reputation.

Cyber security insurance is the new age policy which tries
to safeguard online users from online criminal acts. Net
banking, social networking and online shopping are some of
the daily activities performed by Indian users over the
internet. Individual Cyber Insurance policies were written
with the expansion of the internet of things in mind, and
coverage extends to most items on your home network that
are owned or leased and operated by you or a member of
your family. Such attacks can happen to anyone, so buying
a cyber insurance is a smart option. First-party coverages
apply to losses sustained by you directly. An example is the
damages caused to your electronic data files by a hacker.
Third-party coverages apply to claims against your firm by
people who have been injured as a result of your actions or
failure to act.

Cyber Attack:
The word cyber-attack refers to data breaches at a retailer
or some big organizations, but did you know that you could
personally bear the brunt of a cyber attack too? From a
surprise virus to a deliberate rental scam, to deeply hurtful
cyber-bullying, the threats you and your family face in the
connected world are real and not to be ignored. If electronic
data stored on your firm's computer system is lost, stolen,
or compromised, the cost of restoring it can be significant.
A data breach can damage more than just your computer
system; it also can damage your reputation and put you and
your family at risk.

That's why cyber insurance can be a smart precaution to
avoid such threats. A cyber-attack is likely what you first
thought of as being protected by Individual Cyber Insurance.
If a computing device (desktop, laptop, tablet, etc.) or
connected home device (smart phone, thermostat, security
system) owned/leased and operated by you is attacked by
a virus, this portion of the policy will help you recover. The
ways that we are connected to the internet are rapidly
increasing, and all of them provide opportunities for a cyber-
attack to hit your home.
Global Cyber Insurance Hub:
External attacks on companies result in the most expensive
cyber insurance losses, but it is employee mistakes and The cyber insurance has been identified as one of the next
technical problems that are the most frequent generator significant markets of growth for London, the capital city of
of claims by number. If a cyber-attack results in people UK. A recent report from the City of London Corporation in
association with Accenture highlighted London's globally
being unable to access their home or needing to replace an
unique position as both a hub for commercial insurance as
electronic device, the coverage will ensure they're
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