Cyber Liability Insurance

Presentation flow

Prevailing scenario – Cyber exposures

Cyber Liability Policy

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Have you seen these snippets..
August 2017,
Economic Times: May 2017, India Today:
RBI plans to extend Wanna Cry
cyber audit to all ransomware cyber
banks attack: 104 countries
hit, India among worst
affected

May 2017, Economic

Times: Zomato
hacked: Security
breach results in 17
million user data
stolen

April 2017, The Indian

June 2017, Mint: Express: 36.6 million
Petya ransomware: data breaches were
India worst hit in recorded in India in
Asia, seventh most 2016
affected globally

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 Global Statistical data on Cyber Crime
India Ranks 1st in the list of average number of breached records by country

4 Source : Ponemon Institute Research Report 2017, Figure 3 – Page 11.

Cyber Crimes- Average Organizational cost
The cost per breach in India is rising above its 4 year average.

5 Source : Ponemon Institute Research Report 2017, Page 10.

Global Statistical data on Cyber Crime

6 Source : Ponemon Institute Research Report 2017, Figure 5 – Page 13.

Cyber Crimes
Distribution of benchmark sample by root cause of the data breach.
Malicious or Criminal Attacks are the most costly ones.

Source : Ponemon Institute Research Report 2017, Pie-Chart 2, Page 14.

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Presentation flow

Prevailing scenario – Cyber exposures

Cyber Liability Policy

8
What is Cyber Insurance
 Cyber insurance provides first-party expense and third-party liability
coverage to companies when personal/confidential information is
compromised and other cyber related events like
 Loss of Business Income
 Multimedia Risks
 Cyber Extortion
 Privacy Notification Cos
 Credit Monitoring Costs
 Crisis Management Costs
 Regulatory Fines & Penalties

 Cyber Insurance is sometimes referred to as network security and

privacy insurance
 A growing market since early 2000

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 Exclusions
 Prior Acts and Pending Litigations
 Bodily Injury/ Property damage
 Unlawfully collected data
 Intentional acts of the Insured’s senior management

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 Who needs Cyber insurance?
 It can happen to anyone…FI/ Retail/ Hospitality /
Entertainment etc
 The perpetrator could be anyone - someone close to
your business OR someone living halfway around the
globe
 A breach can result from a simple mistake: An
employee misplacing a laptop or mobile phone OR a
network administrator responding to an seemingly
official mail

Check out www.privacyrights.org for real life data

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 Underwriting
 Proposal Form
 Conference Call with IT Security Company
 Formal written information security policy
 Formal written incidence response plan

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Thank You