Mumbai: TATA AIG General Insurance Company has unveiled CyberEdge, an advanced cyber insurance solution tailored to protect Indian businesses of all sizes against a diverse range of cyber risks. The policy is designed to provide robust financial and operational support to organisations, ensuring quick recovery and resilience in the face of cyber incidents.
CyberEdge covers key areas such as forensic investigations, legal fees, data recovery, extortion payments, and losses due to business interruptions. With this launch, TATA AIG aims to capture 25% of the cyber insurance market within the next five years.
Key Features of CyberEdge Include:
- First Response Cover: Immediate 24/7/365 access to Tata AIG’s panel of incident response experts to ensure prompt legal and IT forensic support within two hours of contacting the dedicated hotline, particularly during the critical first 24 hours of an incident.
- Bricking Recovery Expenses: Covers the cost of replacing damaged computer systems and restoring operations if a cyber incident leaves the equipment inoperable.
- Comprehensive Network Loss Calculation: Offers flexibility to calculate losses on a Gross Profit or Net Profit basis, covering professional fees of third-party forensic accountants.
- Wider Computer System Protection: Extends coverage to include Bring Your Own Device (BYOD), Operational Technology (OT) systems, Industrial Control Systems, and SCADA systems.
- Network Interruption Coverage: Addresses interruptions for up to 120 days post-incident, including mitigation costs.
- Mitigation Costs and Loss Prevention Services: Goes beyond indemnity to offer loss prevention services at no extra premium.
- Cyber Crime and Multimedia Activity Protection: Safeguards against cyber-related crimes and liabilities from digital content published online.
Special Dedicated Support for Insured Events
Insured businesses under CyberEdge benefit from a dedicated hotline for immediate guidance during a cyber incident. Under this service, TATA AIG’s legal and technical experts provide a comprehensive response plan, including initial assessments, activation of an incident response team, and regulatory notifications. This ensures minimal disruption to operations and effective liability management.
With CyberEdge, TATA AIG has reinforced its commitment to enhance cybersecurity resilience, offering businesses the tools to navigate an increasingly complex cyber threat landscape.Â
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