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.
