There are several companies which offer cyber insurance policies and have provided with their policy wordings and terms and conditions to the IRDAI and one can easily access such data from there. One such company offering Cyber Insurance is the ICICI Lombard, named “Retail Cyber Insurance”. This blog will take one through the key features of the policy and the extent and limitations of the policy as well. The blog will also highlight the differences in the policy as compared to the policy offering by Bajaj Allianz and HDFC ERGO.

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Incidents Covered:

1. Identity Theft
2. Unauthorized Transaction
3. Reputational Injury
4. Cyberbullying
5. Cyber Extortion
6. Malware Intrusion

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Expenses and Liabilities Covered:

1. For the above-mentioned Instances and cybercrimes, the policy provides a cover for Financial Loss incurred by an Individual which includes the losses incurred as a direct consequence and as well as the Lost wages for the time which was spent in suffering and recovering from the consequence.
2. The policy also provides for Legal Expenses incurred for Consulting with the Legal professional to decide upon the best course of action, while also provides a cover to prosecute or defend a case arising as a consequence to the above-mentioned incidents.
3. The policy also covers the expenses for a forensic Investigator which will be required to assist in prosecuting a case.
4. In the situations of Cyber Bullying the policy also covers the expenses incurred for consultation with the Therapists and Psychologists for coping up with the Traumas and mental injury, and also the subsequent medical expenses arising out of such treatment,
5. The policy also provides for a cover against the expenses incurred for restoring the data after an incident of Cyber extortion or malware intrusion, where such data Is corrupted or compromised.

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Limitations and Exclusions of Policy:
Besides the Regular exceptions and exclusions of any insurance cover, such as the contravention of Law, Negligence, Fraud etc., the policy provides the following, but not limited to, exclusions:

1. The policy only covers a single event which incurs the maximum financial Loss, and not the multiple instances/events arising out of a single event.
2. The policy also requires one to take utmost and reasonable care to secure a device and their personal Information including Financial Details and details of Credit/Debit cards.
3. The policy also doesn’t cover any losses arising out of theft, loss of value,
   disappearance and inability of access of any Cryptocurrency.

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Just like the other policies discussed earlier, The Retail Cyber Insurance Policy also provides an Individual with a Cover of Rs. 50000 and up to Rs.1 crore. However, this particular insurance policy can be described as an amalgamation of all the key Features of HDFC and Bajaj’s policies, as it provides with a cover for all the Medical and Consultation expenses while also providing an option to cover the Financial Losses incurred by the family of the Insured. Besides these aforementioned features, the limitation of cover towards Cryptocurrency is, however, unique to this policy.

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Disclaimer: The Above blog was prepared for awareness and educational purposes. While utmost care has been taken to keep the information accurate in this blog, kindly read the policy-related documents carefully, and not rely on the content mentioned in the Blog for buying the Policy or exercising any claim