All the business organizations or companies that are directly or indirectly involved in online payment transactions, customer data management, information storage, use of payment gateways, or cloud services should definitely consider buying cyber insurance in India. Amid the proliferation of smart devices connecting to vast business networks, the risk for malicious attempts on an organization’s assets is even higher.

A data breach or any unexpected cyber event can trigger third-party claims or lawsuits if it involves personally identifiable sensitive information. Businesses can protect themselves against the costs associated with data breaches by purchasing a right Cyber liability policy. Vitality Insurance can help you buy the right Cyber Policy cover for your business need. 

Benefits of Cyber Liability

1. Data Restoration: Covers the cost to replace or restore electronic data, programs, or software damaged or destroyed by a hacker attack, a virus or any other covered peril.
2. Crisis Management: To assess the extent of the privacy breach, policy covers significant cost involves in hiring forensic experts, attorneys.
3. Cyber Extortion: Covers a ransom paid to a hacker who's breached a company's computer system and threatened to commit a nefarious act.
4. Notification Costs: Covers the cost of notifying parties whose data has been affected by a data breach as required by country’s privacy laws.
5. Business Interruption: Covers income losses sustained by a business and extra expenses it incurs to restore its operations following a shutdown caused by cyber attack
6. Company Reputation: A breach of privacy claim can severely dent company’s reputation requiring help of PR experts to restore company’s reputation.