" Let’s face it: the future is now. We are already living in a cyber society, so we need to stop ignoring it or pretending that is not affecting us "

– Marco Ciapelli

Protect, Detect, Respond.
That's not enough to defend against cyber threats.

Get a Cyber Risk Insurance Policy today.

What is covered in Cyber Risk Insurance Policy

Identity Theft

It means the theft of your Personal Information over the internet, which has resulted or could reasonably result in the wrongful use of such information. Identity theft costs means the reasonable and necessary fees and expenses incurred such as:

  • Costs of re-filing rejected applications for loans, grants or other credit instruments which were rejected because the lender received incorrect credit information
  • Costs of notarizing affidavits or other similar documents, for law enforcement agencies, financial institutions or similar credit grantors and credit agencies
  • Telephone calls and postage in order to report the Identity Theft and/or amend or rectify Your records as to Your true name or identity;
  • Cost of re-Issuance of identity document used for theft

Reputational injury

Loss due to a Cyber Bullying or Defamation Event. Reputation loss means:

  • Costs for a specialist IT service provider for the purpose of seeking the removal of the online material which is relevant to Cyber Bullying or Defamation Event
  • Counseling Costs
  • Lost Wages

Unauthorized Transactions

It means unauthorized and fraudulent use of Your

  • Bank Account with banks operating in India and/or
  • Credit/Debit Cards issued by Banks operating in India and/or
  • Mobile wallets operating in India

by a Third Party for transfers, purchases or withdrawals made over the internet (but not ATM), provided they are unrecoverable from any other sources. Unauthorized transactions also include e-mail spoofing or phishing.

Cyber Bullying

Cyber Bullying means the posting of material online by a Third party acting maliciously and is intended to cause you embarrassment, humiliation or distress

Cyber Extortion

Cyber Extortion Threat means any imminent and credible threat conveyed over the internet to demand money from you by threatening to inflict harm to your reputation by publishing online your Personal information taken from your Computer system while still in your physical possession and custody

Legal Expenses

Legal Defense Costs means any costs, expenses and/or fees for experts, investigations, court appearances, surveys, examination and/or procedures that are necessary for your civil, commercial, administrative defense

Data Restoration Costs

The necessary costs involved in recreating the original documents or the data which might be lost due to Cyber Attack

Forensic Costs

Fees for specialist IT service consultant to conduct an investigation to determine the cause of an extortion threat or data extortion threat

Media Liability

Defense costs and any legal liability arising out of Defamation, Breach of copyright, title, slogan, trademark, trade name, service mark, service name or domain name etc.

What is not covered in Cyber Risk Insurance Policy

  • Any claims due to Failure to take precautions to safeguard Your Personal Information, Bank Accounts and/or Credit/Debit Cards and or mobile wallets information and internet communication
  • Willful Act
  • Any actual physical Injury
  • Any legal proceedings which commenced prior to inception of this Policy
  • Any claims due to business activities
  • Any unexplained loss or mysterious disappearance
  • Matters uninsurable as per the law
  • Losses arising from the theft, disappearance, loss of value or inaccessibility of any cryptocurrency
  • Unauthorized collection of data

Comparison of Policies of Different Insurers

Coverages ICICI Lombard Tata AIG Bajaj Allianz HDFC Ergo
Unauthorized Transaction Covered Covered Covered Covered
Cyber Extortion Covered Covered Covered Covered
Malware Intrusion Covered Covered Covered Covered
Reputational Injury Covered Covered Covered Covered
Cyber Bullying Covered Covered Covered Covered
Legal Expenses Covered Covered Covered Covered
Forensic Costs Covered Covered Covered Covered
Data Restoration Costs Covered Covered Covered Covered
Consequential Losses Covered Covered Covered Covered
Identity Theft Covered Optional
Covered Covered

Premium Comparisons

Policy Limit (INR) ICICI Lombard Tata AIG Bajaj Allianz HDFC Ergo
1,00,000 2,545 1,850 662 1,938
3,00,000 3,636 N.A. 1,395 N.A.
5,00,000 4,727 3,500 1,823 3,524
10,00,000 5,636 5,600 2,848 N.A.
15,00,000 7,273 N.A. 3,696 N.A.
20,00,000 8,364 N.A. 4,187 6,167
25,00,000 9,091 N.A. 4,545 N.A.
50,00,000 13,636 10,700 6,156 10,044
75,00,000 20,909 N.A. 7,589 N.A.
1,00,00,000 23,636 16,500 8,933 14,273


Let’s try to understand how everything (which superficially looks secured and leakproof) is connected, one breach and the entire secured structure collapses. You use different kinds of Identity proofs, login credentials, mail accounts, passwords to get the work done. Also, you give a lot of permissions to applications in your mobiles and laptops to access data.

Some of the examples are as follows. Aadhar Card, which is one of the basic identity proofs, used extensively in India has Demographic (Name, Gender, DoB, Address, Mobile number and email id) & Biometric (Finger Prints, Both Iris and photograph). PAN Card, is a ten-digit unique alphanumeric number issued by the Income Tax Department. It is used for various purposes like, applications for Debit & Credit Cards, opening a demat account, for deposition or withdrawal of cash above INR 50,000 in banks etc. It has details like Date of Birth, your income, your signature. Your mail account has huge volumes of data like mobile number, Gender, personal information on emails, Passwords, access to bank account details and this account many times are also linked to many applications like Instagram, Facebook, YouTube, Snapchat, Shopping sites and many more. The accounts in your smartphone taps a lot of data such as what are you searching for, what is the shopping list, what are your preferred shows, your daily activities etc.