Q60. In India, under cyber insurance for individuals, which of the following benefits are generally, in addition to payment for the loss of funds and other benefits?
- Cost of restoration of the computer system in case of malware disrupting access to a computer.
- The cost of a new computer if some miscreant wilfully damages it, if proved so.
- Cost of hiring a specialized consultant to minimize the loss in case of cyber extortion.
- Cost of defense in the court of law if any third party files a suit.
Select the correct answer using the code given below:
(a) 1, 2, and 4 only
(b) 1, 3 and 4 only
(c) 2 and 3 only
(d) 1, 2, 3 and 4
Answer: B
- Cyber Insurance is designed to guard businesses from the potential effects of cyber-attacks. It helps an organization
mitigate risk exposure by offsetting costs, after a cyber-attack/breach has happened. - In simple terms, cyber insurance is designed to cover the fees, expenses and legal costs associated with cyber breaches.
- Coverage includes:
- Response to breach events (notification, call center service, breach resolution, mitigation services,
- public relations and crisis management).
- Investigation & fines including lawyers, professional fees, administration costs etc.
- Expenses such as forensic, IT audit, crisis management, and legal costs.
- Privacy & data liability
- Loss of personally identifiable information.
- Loss of corporate confidential info.
- Network liability such as DDoS Attacks.
- Multimedia covers including copyright issues.
- Business Interpretation
- Income loss, business interruption cost, system damage and restoration cost, any extra expenses.
- Cybertheft
- Fund transfer frauds
- E-theft loss
- E-communication loss
- Cyber extortion
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