In India, under cyber insurance for individuals, which of the following benefits are generally covered, in addition to payment for the loss of funds and other benefits?
1. Cost of restoration of the computer system in case of malware disrupting access to
one’s computer
2. Cost of a new computer if some miscreant wilfully damages it, if proved so
3. Cost of hiring a specialized consultant to minimize the loss in case of cyber extortion
4. Cost of defence in the Court of Law if any third party files a suit
Select the correct answer using the code given below:
Explanation
Cyber insurance for individuals policies are designed to cover expenses related to post factor actions of a cyber-attack. Such as, the cost incurred during the prosecution process
and defense costs are paid by the insurance company relating to the types of cyber risks mentioned in the documentation of the policy. So (1), (3), and (4) are covered.
What is not covered?
If the attack was intentionally and deliberately done, the policy will not pay any claim.
Insurers do not cover any fraudulent, dishonest or malicious act. These policies do not provide any cover for any prior actions of the attack that the policyholder has faced before buying the policy; nor do they cover for personal data or lost pictures in the policy.
Therefore, the correct answer is (b).