Chennai, December 19, 2023
United India Insurance Launches Cyber Security Policy
United India Insurance, a leading insurance provider in India, headquartered in Chennai, has recently launched its comprehensive Cyber Security policy. This new policy offering is aimed at safeguarding commercial businesses against a multitude of cyber threats and liabilities.
Broad Coverage and Protection Against Cyber Risks
The UNITED CYBER SECURE POLICY by UIICL is meticulously designed to offer protection against both first and third-party liabilities that arise from cyber exposures linked to e-business, internet, networks, and information assets. The policy is an answer to the escalating cyber risks, which are a growing concern for companies that handle private and confidential customer information or rely heavily on technology.
First-Party Liability Coverage
UIICL’s policy covers a range of first-party liabilities including:
- E-Theft Loss: Protects against losses due to fraudulent data input or network transactions.
- E-Communication Loss: Covers losses from fraudulent communications.
- E-Threat Loss: Includes costs of professional negotiators and extortion payments.
- E-Vandalism Loss: Offers protection even when the act is committed by an employee.
- E-Business Interruption: Covers losses due to business disruptions.
- Privacy Notification Expenses: Includes costs related to customer notification.
- Crisis Expenses: Covers public relations consultant fees.
- Reward Expenses: Includes costs for informants.
Third-Party Liability Coverage
The policy also extends to third-party liabilities such as:
- Disclosure Liability: Covers customer claims due to unauthorized private information access or dissemination.
- Content Liability: Protects against intellectual property, trademark, and copyright infringement claims.
- Reputational Liability: Covers claims related to product disparagement, libel, slander, and privacy invasion.
- Conduit Liability: Addresses claims arising from system security failures affecting third-party systems.
- Impaired Access Liability: Protects against claims due to system unavailability.
- Defense Costs: Includes costs incurred in defending claims from government agencies or regulatory organizations.
Major Exclusions and Benefits
While providing extensive coverage, the policy also lists certain exclusions, including claims arising from fraudulent acts, willful law violations, bodily injuries, mechanical failures, and gradual deteriorations.
Notably, the policy’s benefits include combined coverage for both cyber liability and cyber crime expenses, broad definitions of “computer” and “system” to cover a wide range of devices, no exclusions for security maintenance, and extended coverage for outsourced data processing and storage services.
A Step Forward in Cyber Risk Management
The launch of UIICL’s Cyber Security policy marks a significant step in the field of cyber risk management for businesses in India. It reflects the company’s commitment to evolving and adapting its insurance products to meet the ever-changing landscape of cyber threats and technological advancements.
Venkat
Disclaimer – This is a news article and should not be considered as product recommendation. Further, BFSI domain is a service industry. So, each individual customer has mixed experience on how product features are actually served. Take enough time to research, clarify all your doubt’s and then only invest in any financial or insurance product.
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