Page 35 - The Insurance Times August 2022

management plan. Cyber risk insurers analyze the strength address it and is then compromised from that
of a company's cyber security posture before issuing any vulnerability;
policy. Strong security postures allow for better coverage
the cost to improve technology systems, including
and, in some cases, access to enhancement coverages.
security hardening in systems or applications.
Fragmented enterprise security approaches can make it
The financial damage caused by loss of intellectual
difficult for insurers to fully understand an organization's
property.
security posture. The whole insurance industry is moving
Reputational costs that can be incurred following a
away from being a lender of last resort and payouts, to more
cyber attack.
like a risk advisor and a partner for your business operations.
Losses generated by attacks classed as an "act of war".
Insurance is after all a contract and when it comes to a legal
The problem that most companies face is in determining
binding contract - Language matters. The definitions,
how much cyber insurance they need. They are yet to figure
warranties, conditions precedent, exclusions, carve backs
out both their exposure and their buying appetites. Some
are all to be read carefully.
of them still look at cyber insurance as a luxury.
Some losses specifically not covered in cyber
For companies looking to bring more cyber insurance into
insurance policies are - their risk management practices - or buy for the first time -
preexisting or prior breaches or cyber events, such as a bit of planning is necessary. To build up enough cyber
incidents that occurred before the policy was insurance, early purchases of smaller amounts with increases
purchased; over time can help.
cyber events initiated and caused by employees or
Cyber risks will persist and evolve, and companies
insiders;
will need to manage that risk, including securing
infrastructure failures not caused by a purposeful cyber
attack; insurance protection. Remember, there is no such
failure to correct a known vulnerability, such as a thing as absolute security & one single vulnerability
company that knows that a vulnerability exists, fails to is all an attacker needs.

Bajaj Allianz Life Insurance partners with DBS Bank India

Bajaj Allianz Life Insurance and DBS Bank India, the wholly owned subsidiary of DBS Bank Ltd., Singapore, have
announced a strategic partnership to offer a wide array of life insurance solutions to the bank's 3M customers.

Through this partnership, Bajaj Allianz Life and DBS Bank aim to empower the customers to Live More and Bank Less
by investing in life insurance products that best meet their life needs in a planned manner. New and existing customers
across the 550+ branches of DBS Bank can now choose from Bajaj Allianz Life's retail products including term, savings,
retirement, and investment products.
Mr. Tarun Chugh - MD & CEO, Bajaj Allianz Life Insurance and Mr. Prashant Joshi - MD & Head, Consumer Banking
Group, DBS Bank India, along with other officials from both the companies, signed the corporate agency agreement
in Mumbai.
Speaking on the occasion, Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance said, "This is a prestigious
partnership and we are glad to offer powerful and value-packed products backed by new-age efficient services for
the large customer base at the Bank. I'm confident that with our collective focus on customer delight the team will
set higher benchmarks in the industry, while enabling many more life goals."
Mr. Prashant Joshi - MD & Head, Consumer Banking Group, DBS Bank India said, "Our partnership with Bajaj Allianz
Life will pave the way for all DBS Bank customers to enjoy comprehensive end-to-end life insurance solutions. Customers
across the 550+ physical network of DBS as well as digibank users will be able to avail all the offerings by either
visiting any of our branches or with just a tap on the app. This initiative is a part of our ongoing endeavor to support
every customer in securing a financially sound future with us."

The Insurance Times, August 2022 35