With ever advancing technology, the threats of personal as well as financial cyber attacks are on rise, which necessitates people to get themselves secured against such attacks. Cyber insurance is a modern-day tool that ensures your safety in the situation of such an attack; with a cyber insurance plan, you may never have to worry about losing your data through malware theft or losing money through a scam.

A carefully designed cyber security plan can change your overall IT experience, thereby securing your online presence and making your interactions fulfilling. As with any insurance, the question of ‘how to claim cyber insurance when needed’ is also faced by individuals seeking cyber security. You can find some information crucial to understanding cyber security claim process.

How to claim cyber insurance

Similar to any other insurance plan, you must read the policy document carefully to understand the terms and conditions of your plan and to ensure that the claim request is raised in a timely manner. The process to raise a cyber insurance claim may differ from insurer to insurer. The commonly involved steps to claim cyber insurance that must be followed by you and most insurance companies are summarised here

This is the most important step toward claiming cyber insurance. If a third-party, i.e., an unknown person/organisation, succeeds to breach your private data/information, you must become aware of or discover the breach. Such an attack on information can happen at any time. All the devices, irrespective of the model, are susceptible to cyber threats.

As soon as you become aware that your security has been breached, you are advised to make a legal complaint or file an FIR with your nearest police station or cyber security department. You should promptly take this action and keep a copy of the compliant or FIR safe with you for submission to your insurance provider.

You need to notify your insurance provider about the claim within 1 or 2 days or the time limit specified in your policy. You must provide them all the required information. Some insurance companies even offer you 24×7 customer service to help you with the process and resolve your queries.

Once you inform your insurance company of the incident, your insurance provider will ask you to share some documents with them along with a claim form. The documents commonly requested by an insurance company to settle your claim promptly include FIR copy or a photocopy or complaint.

After the submission of required documents, you need not take any other actions. Immediately after you submit all the documents, your insurer will initiate the claim processing at their end. Your insurer will check the documents you share to determine authenticity of your claim. They will also get your claim verified forensic and authenticated from experts to determine whether the claim is valid.

Once the insurance company gets your claim validated from the forensic team or cyber expert, you can receive the insured amount within a few days depending on the terms and conditions of your policy.

When are you eligible to claim cyber security insurance?

Just as any other insurance policy, cyber security insurance plans have set some stringent rules and conditions for a person or an organisation to be able to buy and claim cyber security insurance. Any individual wishing to purchase a cyber insurance policy must be at least 18-year old. They should also be a citizen of India to buy cyber insurance in the country. Thus, an underage person will not be able to buy a cyber insurance plan, and thus, to raise cyber insurance claim.

Furthermore, your claim request for cyber insurance can only be approved when your insurance provider confirms you as eligible for the claim. To assess whether you are eligible to claim cyber insurance, your insurer will determine the authenticity of the documents shared by you along with the claim form. Then, a forensic team appointed by your insurer determine whether the cyber breach incident reported by you is valid.

You are only considered eligible for a cyber insurance claim once both, your insurance provider and the forensic team, approve your claim as authentic.

Which documents are required to raise a cyber security insurance claim?

To get your cyber insurance claim approved and settled at earliest, you must contact your insurance provider when you become aware of data breach and follow the instructions given by them to book. Your insurer may ask you to share some information and documents with them so that they can process your claim request further. The required documents may differ with insurer to insurer, but a list of some commonly requested documents is presented here.

• Claim form (this form must be filled properly and signed)
• A copy of FIR filed with the police station
• Proof for losses borne by you
• Forensic report (if available)
• Bills for restoration expenses
• Evidence and details of loss
• Screenshots or photocopies of findings
• Copies of legal documents such as notices and summons (if applicable).

In addition to these, you must also share any other documents available with you that may be related to your loss. In some cyber insurance claim scenarios involving attacks on an organisation, the insured organisation may choose to investigate the breach with internal cyber team. Any finding obtained from such an investigation should also be shared.

What is the waiting time for a cyber insurance plan?

Waiting time is set by your insurance provider and can differ with the insurance company. The time you must wait for before raising a claim once you purchase an insurance policy is termed as waiting period or time. You cannot raise a claim for any data breach or cyber attack that occurs during your waiting period. For most cyber security insurance plans, the waiting period is between 8 and 12 hours.

Technology is a significant aspect of modern word businesses and households. Nonetheless, this aspect brings several threats, such as data breach or cyber attack, with it. As we are aware, the effects of cyber crime can be manifold. It can cause an individual to experience not only financial losses but also mental stress, which may further affect their life.

A cyber security insurance plan safeguards you against any losses incurred due to breach of your personal data. It can provide you with the coverage for your direct financial losses as well as any expenses incurred from the incident of data breach. You can look into cyber insurance claim examples online to understand different types of attacks; doing so can also help you stay aware of various frauds happening online and safeguard yourself against them in advance.

FAQs

Cyber crime or attack is unauthorized transmission of data of a person or an organization achieved digital means.

The cyber security claim process differs from general insurance claim processes. To claim cyber insurance, you first have to inform your insurer about the incident and submit relevant documents to them for further processing. After this, your insurer will assess your claim request and approve it post validation.

Most cyber security insurance plans offer a waiting period of 8 to 12 hours. This period differs with the insurance provider.

Cyber security is a defense system that protects your computers and data or your company’s network, programs, and data from online attacks.

Some of the types of cyber attacks include phishing and unpatched software, such as malware.