In India, under cyber insurance for individuals, which of the following benefits are generally covered, in addition to payment for the 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

QUESTION

Hard

Economy

Prelims 2020

In India, under cyber insurance for individuals, which of the following benefits are generally covered, in addition to payment for the funds and other benefits?

Cost of restoration of the computer system in case of malware disrupting access to one's computer
Cost of a new computer if some miscreant wilfully damages it, if proved so
Cost of hiring a specialized consultant to minimize the loss in case of cyber extortion.
Cost of defence in the Court of Law if any third party files a suit

Select an option to attempt

Explanation

In India, cyber insurance covers (generally) the following

Identity theft
Cyber-bullying and cyber-stalking
Cyber extortion
Malware intrusion
Financial loss due to unauthorized and fraudulent use of bank account, credit card, and mobile wallet
Legal expenses arising out of any covered risk
Social Media Cover
Phishing Cover
E-mail Spoofing
Media Liability Claims Cover
Cyber Extortion Cover
Privacy Breach and Data Breach by Third Party.

Cyber insurance generally focuses on damages caused by cyber threats or electronic incidents, not physical damage to devices. Hence, statement 2 is incorrect.

Hence only options 1, 3, and 4 are correct.

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