A cyber policy may include these type of following

 The cyber security threat landscape has been significantly altered by the pandemic over the past few months. Technology has played a big role within the definition of the "new normal" as businesses round the world became dependent upon technology to manage their day-today operations via a foreign work model. Businesses and organizations are finding it harder to enforce policies like endpoint encryption, disabling removable medium, identification of unauthorised software, secure connectivity with office network, etc.

This is a golden opportunity forber cyber criminals to hack into organizations, steal data, disrupt networks, and so on. In Q1 2020 , quite 8 billion data records were stolen. These incidents have opened cyber insurance India for organisations trying to attenuate the damage from data breaches and cyber incidents.

Cyber policy may be a sort of risk transfer that organisations use to guard themselves against cyber-attack-related losses and expenses. Globally, the cyber insurance in india market is predicted to succeed in USD20 billion by 2025 [2]. Nearly 350 cyber insurance policies in India were issued in 2018 [3]. As cyber security becomes a top business priority, this number is probably going to rise.

A cyber policy may include the following:

Costs of business interruption

Investigative costs

Administrative fines

Cyber extortion expenses

Breach notification costs

Legal costs.

Here are a number of the foremost common exclusions to a cyber-insurance policy:

Fraudulent act, or willful violation

Electrical or mechanical failures

Bodily injury

Property damage

Loss of property

Cyber terrorism/war can cause loss.

Although most insurance products are built on decades worth of actuarial and aggregate data, pricing and pricing cyber insurance products are often difficult thanks to the changing cyber landscape and insufficient historical data available for actuaries. Organizations also face challenges in determining the acceptable cyber coverage and quantifying cyber risks.

The industry leaders are trying to find a quantitative approach which will allow them to guage their cyber risk and supply adequate provisioning. They also want to be able monitor key changes within the environment. they need objective insight into cyber risks within the near future. this may enable them to plan cost-effective mitigation strategies and tailor-made insurance structures to guard themselves against possible attacks.

These are a number of the foremost important areas that organisations got to remember once they work during crisis:

Is your cyber policy ready to cover the foremost recent attacks?

Is there anything you want to do to make sure your policy coverage?

It is important for organisations to plan ahead with underwriters regarding issues like -

What will the business do if a cyber-attack occurs? How far can it affect them?

Are there financial problems that would prevent you from investing in cyber security?

Policies and procedures for cyber security privacy

Models for home-based work

Secure remote access and virtual private networks

Every organisation must understand the present threat environment and therefore the risks they face within the ever-evolving cyber world. They also got to address key cyber security concerns and identify the simplest ways to mitigate these cyber threats.

Future predictive attacks and defenses should be prepared in order that your organization is cyber-safe and cyber insured within the post COVID-19 era.