Cyber Liability Insurance
Cyber Liability Insurance
Cyber Liability Insurance
Cyber Insurance
that never sleeps
Cyber Insurance
that never sleeps
Cyber Insurance
that never sleeps
Insurance with AI-powered 24/7 threat monitoring, reducing both your risks and premiums. Evaluate your cyber security posture score and enjoy up to 50% off your insurance premium.
Insurance with AI-powered 24/7 threat monitoring, reducing both your risks and premiums. Evaluate your cyber security posture score and enjoy up to 50% off your insurance premium.
Insurance with AI-powered 24/7 threat monitoring, reducing both your risks and premiums. Evaluate your cyber security posture score and enjoy up to 50% off your insurance premium.
Trusted by over 500 top clients, from startups to industry leaders
Trusted by over 500 top clients, from startups to industry leaders
What is Cyber insurance?
What is Cyber insurance?
What is Cyber insurance?
Cyber Insurance provides protection for companies against the financial losses associated with Cyber attacks like Ransomware, Phishing, Malware, DDoS, Social engineering, and many more. This insurance covers a wide range of expenses, including the costs of ransomware payments, data recovery, legal fees, notification expenses, business interruption, third-party liabilities and even reputational damage. Cyber Insurance is essential for businesses that store sensitive data, operate online, rely on digital infrastructure or provide technology enabled solutions to their customers.
Cyber Insurance provides protection for companies against the financial losses associated with Cyber attacks like Ransomware, Phishing, Malware, DDoS, Social engineering, and many more. This insurance covers a wide range of expenses, including the costs of ransomware payments, data recovery, legal fees, notification expenses, business interruption, third-party liabilities and even reputational damage. Cyber Insurance is essential for businesses that store sensitive data, operate online, rely on digital infrastructure or provide technology enabled solutions to their customers.
Why take Cyber Insurance?
Why take Cyber Insurance?
Why take Cyber Insurance?
Protection in Case of Leak of Sensitive Customer Information
Protection in Case of Leak of Sensitive Customer Information
Sensitive customer data, such as PII (Personally Identifiable Information) and PHI (Personal Health Information), are top targets for cybercriminals. A breach can lead to significant financial losses and damage to your reputation. Cyber insurance covers the costs of responding to these breaches, including data recovery, notifications, and credit monitoring, helping your business manage the fallout effectively.
Mandated by Prospective Clients of your business
Mandated by Prospective Clients of your business
For companies working with financial institutions or clients in the US and Europe, cyber insurance is often required. If a cyber attack disrupts your client’s operations, you could face legal action from them. Cyber insurance covers legal costs, settlements, and damages, ensuring you meet client expectations and protect your business.
Regulatory Fines
Regulatory Fines
Since the DPDP Act is on the horizon in India, it introduces penalties as high as ₹250 crore per incident. It’s crucial to be prepared. Cyber insurance helps cover legal expenses like defense & representation cost related to regulatory fines and costs insurable under law, like PCI-DSS fines.
Protection in Case of Leak of Sensitive Customer Information
Sensitive customer data, such as PII (Personally Identifiable Information) and PHI (Personal Health Information), are top targets for cybercriminals. A breach can lead to significant financial losses and damage to your reputation. Cyber insurance covers the costs of responding to these breaches, including data recovery, notifications, and credit monitoring, helping your business manage the fallout effectively.
Mandated by Prospective Clients of your business
For companies working with financial institutions or clients in the US and Europe, cyber insurance is often required. If a cyber attack disrupts your client’s operations, you could face legal action from them. Cyber insurance covers legal costs, settlements, and damages, ensuring you meet client expectations and protect your business.
Regulatory Fines
Since the DPDP Act is on the horizon in India, it introduces penalties as high as ₹250 crore per incident. It’s crucial to be prepared. Cyber insurance helps cover legal expenses like defense & representation cost related to regulatory fines and costs insurable under law, like PCI-DSS fines.
What is the process to take Cyber Insurance
What is the process to take Cyber Insurance
What is the process to take Cyber Insurance
1
1
Consultation
Consultation
Reco’s experts will help you identify the right D&O policy that suits your needs.
Reco’s experts will help you identify the right D&O policy that suits your needs.
Reco’s experts will help you identify the right D&O policy that suits your needs.
2
2
Quotation
Quotation
Obtain and compare quotes from multiple insurers to find the best coverage at the most competitive price.
Obtain and compare quotes from multiple insurers to find the best coverage at the most competitive price.
Obtain and compare quotes from multiple insurers to find the best coverage at the most competitive price.
3
3
Policy Issuance
Policy Issuance
Once underwritten, the insurer will issue the policy, and coverage begins upon payment of the premium.
Once underwritten, the insurer will issue the policy, and coverage begins upon payment of the premium.
Once underwritten, the insurer will issue the policy, and coverage begins upon payment of the premium.
4
4
Risk reduction
Risk reduction
Reco’s Cyber Radar offering will help you identify cyber risks to mitigate them to improve your cyber security posture
Reco’s Cyber Radar offering will help you identify cyber risks to mitigate them to improve your cyber security posture
Reco’s Cyber Radar offering will help you identify cyber risks to mitigate them to improve your cyber security posture
How much coverage should I take for Cyber Insurance?
How much coverage should I take for Cyber Insurance?
How much coverage should I take for Cyber Insurance?
Small Businesses
Coverage: ₹1 crore to ₹10 crore
Small businesses should consider coverage between ₹1 crore and ₹10 crore to protect against potential losses from cyber attacks and data breaches.
Small Businesses
Coverage: ₹1 crore to ₹10 crore
Small businesses should consider coverage between ₹1 crore and ₹10 crore to protect against potential losses from cyber attacks and data breaches.
Mid-Sized Companies
Coverage: ₹10 crore to ₹50 crore
As your business grows, the risk of larger cyber incidents increases. Coverage between ₹10 crore and ₹50 crore ensures adequate protection against significant cyber threats.
Mid-Sized Companies
Coverage: ₹10 crore to ₹50 crore
As your business grows, the risk of larger cyber incidents increases. Coverage between ₹10 crore and ₹50 crore ensures adequate protection against significant cyber threats.
Large Enterprises
Coverage: ₹50 crore to ₹100 crore+
For large enterprises, substantial coverage of ₹50 crore to ₹100 crore or more is essential to handle high-value losses that could severely impact your business operations.
Large Enterprises
Coverage: ₹50 crore to ₹100 crore+
For large enterprises, substantial coverage of ₹50 crore to ₹100 crore or more is essential to handle high-value losses that could severely impact your business operations.
What is not covered under Cyber Insurance?
Physical damage to hardware
Intellectual property theft
Losses due to unencrypted data
Prior known incidents
Bodily injury or property damage (covered under General Liability Insurance)
Intentional acts or fraudulent activities by the insured
Losses due to bug in software and involving no cyber attack (covered under Error & Omission insurance)
What is not covered under Cyber Insurance?
Physical damage to hardware
Intellectual property theft
Losses due to unencrypted data
Prior known incidents
Bodily injury or property damage (covered under General Liability Insurance)
Intentional acts or fraudulent activities by the insured
Losses due to bug in software and involving no cyber attack (covered under Error & Omission insurance)
What is covered under Cyber Insurance?
What is covered under Cyber Insurance?
Data breach response costs
Legal fees and settlements
Notification expenses
Cybercrime and fraud
Business interruption due to cyber incidents
Ransomware and extortion payments
Public relations and crisis management
What is not covered under Cyber Insurance?
Physical damage to hardware
Intellectual property theft
Losses due to unencrypted data
Prior known incidents
Bodily injury or property damage (covered under General Liability Insurance)
Intentional acts or fraudulent activities by the insured
Losses due to bug in software and involving no cyber attack (covered under Error & Omission insurance)
What is covered under Cyber Insurance?
Data breach response costs
Legal fees and settlements
Notification expenses
Cybercrime and fraud
Business interruption due to cyber incidents
Ransomware and extortion payments
Public relations and crisis management
Who Can Cause Cyber Losses to Your Business
Clients, for errors or omissions in services provided
Vendors, for contractual breaches or negligence
Partners, for disputes over project outcomes or responsibilities
Regulators, for non-compliance with industry standards
Who Can Cause Cyber Losses to Your Business
Clients, for errors or omissions in services provided
Vendors, for contractual breaches or negligence
Partners, for disputes over project outcomes or responsibilities
Regulators, for non-compliance with industry standards
Who Can Cause Cyber Losses to Your Business
Clients, for errors or omissions in services provided
Vendors, for contractual breaches or negligence
Partners, for disputes over project outcomes or responsibilities
Regulators, for non-compliance with industry standards
Cyber Insurance Claims Examples
Cyber Insurance Claims Examples
Cyber Insurance Claims Examples
Ransomware Attack
What happened?
A ransomware attack encrypted critical business data, with attackers demanding payment for decryption keys.
How claim was paid?
The cyber insurance covered the ransom payment and the costs associated with recovering and restoring the data.
Ransomware Attack
What happened?
A ransomware attack encrypted critical business data, with attackers demanding payment for decryption keys.
How claim was paid?
The cyber insurance covered the ransom payment and the costs associated with recovering and restoring the data.
Data Breach Incident
What happened?
A data breach exposed sensitive customer information, leading to regulatory fines and legal action.
How claim was paid?
The cyber insurance covered the legal defense costs, regulatory fines, and customer notification expenses.
Data Breach Incident
What happened?
A data breach exposed sensitive customer information, leading to regulatory fines and legal action.
How claim was paid?
The cyber insurance covered the legal defense costs, regulatory fines, and customer notification expenses.
Business Interruption Due to Cyber Attack
What happened?
A cyber attack brought down the company’s online platform, leading to significant loss of revenue during downtime.
How claim was paid?
The cyber insurance covered the lost income and the costs of restoring business operations.
Business Interruption Due to Cyber Attack
What happened?
A cyber attack brought down the company’s online platform, leading to significant loss of revenue during downtime.
How claim was paid?
The cyber insurance covered the lost income and the costs of restoring business operations.
Business Interruption Due to Cyber Attack
What happened?
A cyber attack brought down the company’s online platform, leading to significant loss of revenue during downtime.
How claim was paid?
The cyber insurance covered the lost income and the costs of restoring business operations.
Why Take Cyber Insurance from Reco?
Why Take Cyber Insurance from Reco?
Why Take Cyber Insurance from Reco?
24x7 threat monitoring with CyberRadar
We continuously monitor and reduce your external attack surface around the clock, enabling you to take action before threats emerge
24x7 threat monitoring with CyberRadar
We continuously monitor and reduce your external attack surface around the clock, enabling you to take action before threats emerge
Upto 50% lower premiums
We negotiate better with insurers than traditional brokers through our cyber security expertise enabling us to represent your security posture properly
Upto 50% lower premiums
We negotiate better with insurers than traditional brokers through our cyber security expertise enabling us to represent your security posture properly
Fast and Easy Process
No more filling multiple endless forms for each insurer —our cybersecurity expertise streamlines the quoting process, saving you time and ensuring the right coverage.
Fast and Easy Process
No more filling multiple endless forms for each insurer —our cybersecurity expertise streamlines the quoting process, saving you time and ensuring the right coverage.
Single Place for All Insurance
Reco helps you consolidate all your business insurance needs in one place, saving you time and leading to lower rates for you. As part of the Nova Benefits group, which specializes in employee benefits insurance, you’ll have the option to take employee benefits insurance (health, term, accident) through us, helping you manage high-volume claims where employee satisfaction is a top priority.
Single Place for All Insurance
Reco helps you consolidate all your business insurance needs in one place, saving you time and leading to lower rates for you. As part of the Nova Benefits group, which specializes in employee benefits insurance, you’ll have the option to take employee benefits insurance (health, term, accident) through us, helping you manage high-volume claims where employee satisfaction is a top priority.
Single Place for All Insurance
Reco helps you consolidate all your business insurance needs in one place, saving you time and leading to lower rates for you. As part of the Nova Benefits group, which specializes in employee benefits insurance, you’ll have the option to take employee benefits insurance (health, term, accident) through us, helping you manage high-volume claims where employee satisfaction is a top priority.
Frequently Asked Questions
Frequently Asked Questions
What is cyber insurance?
What is cyber insurance?
Who needs cyber insurance?
Who needs cyber insurance?
Does cyber insurance cover ransomware attacks?
Does cyber insurance cover ransomware attacks?
What are the coverage limits of cyber insurance?
What are the coverage limits of cyber insurance?
Does the Business Interruption clause in cyber insurance cover loss of profit or loss of revenue?
Does the Business Interruption clause in cyber insurance cover loss of profit or loss of revenue?
What is the control group clause in cyber insurance?
What is the control group clause in cyber insurance?
Are cyber attacks based on state-sponsored attackers covered in cyber insurance?
Are cyber attacks based on state-sponsored attackers covered in cyber insurance?
What is RTO and RPO in the context of BCP? How does it matter with respect to cyber insurance?
What is RTO and RPO in the context of BCP? How does it matter with respect to cyber insurance?
What are "Credit monitoring expenses" in the context of cyber insurance?
What are "Credit monitoring expenses" in the context of cyber insurance?
What is the discovery period when it comes to cyber insurance?
What is the discovery period when it comes to cyber insurance?
What is excess?
What is excess?
What does Multi-Media Liability cover in cyber insurance?
What does Multi-Media Liability cover in cyber insurance?
How is cyber insurance different from Crime insurance?
How is cyber insurance different from Crime insurance?
How is cyber insurance different from Error & Omission (E&O) insurance?
How is cyber insurance different from Error & Omission (E&O) insurance?
How do I know how much cyber insurance coverage I need?
How do I know how much cyber insurance coverage I need?
How is the cost of cyber insurance determined?
How is the cost of cyber insurance determined?
Does cyber insurance cover third-party vendors?
Does cyber insurance cover third-party vendors?
Can cyber insurance be bundled with other policies?
Can cyber insurance be bundled with other policies?
Is cyber insurance required by law?
Is cyber insurance required by law?
Frequently Asked Questions
What is cyber insurance?
Who needs cyber insurance?
Does cyber insurance cover ransomware attacks?
What are the coverage limits of cyber insurance?
Does the Business Interruption clause in cyber insurance cover loss of profit or loss of revenue?
What is the control group clause in cyber insurance?
Are cyber attacks based on state-sponsored attackers covered in cyber insurance?
What is RTO and RPO in the context of BCP? How does it matter with respect to cyber insurance?
What are "Credit monitoring expenses" in the context of cyber insurance?
What is the discovery period when it comes to cyber insurance?
What is excess?
What does Multi-Media Liability cover in cyber insurance?
How is cyber insurance different from Crime insurance?
How is cyber insurance different from Error & Omission (E&O) insurance?
How do I know how much cyber insurance coverage I need?
How is the cost of cyber insurance determined?
Does cyber insurance cover third-party vendors?
Can cyber insurance be bundled with other policies?
Is cyber insurance required by law?