areena gIn 2024, in India, the average cost of a data breach rose to ₹18 crore, and nearly 83% of businesses experienced some form of data exposure. Cyberattacks are occurring across businesses of all sizes, disrupting operations, draining resources, and damaging reputations.
Many think that standard liability insurance or a standalone data breach policy will be sufficient. However, the reality is that cyber threats are multifaceted, and you need coverage that meets all forms of exposure to protect your business.
In this blog, we will look at data breach coverage, provide you with insight into why a full cyber insurance coverage policy is the better option for your business, and showcase how it meets and exceeds industry standards to protect your business.
Why 800+ Companies Have Chosen Mitigata
At Mitigata, we go beyond traditional coverage to provide proactive cyber risk management. Our approach has earned us a 100% client retention rate, showing the confidence businesses place in our services.
What we bring to your business:
Proven Expertise
We protect over 800 companies across 25+ industries, from logistics to large enterprises, understanding the unique cyber risks each business faces.
Proactive Defence via Mitigata Console
Gain exclusive access to the Mitigata Console, a platform that allows you to:
- Track vulnerabilities and receive alerts on potential threats.
- Identify and prevent phishing attacks and credential theft.
- Monitor digital risks across your networks before they escalate.
Strategic Partnerships
We work closely with India’s leading insurance providers to deliver comprehensive coverage and reliable service when you need it most.
Competitive Pricing
Our experience and industry partnerships allow us to offer affordable coverage without compromising on protection, giving you the best value for your investment.
Cyber Risk Insurance Starting at Just ₹95,000/Year*
With Mitigata, you get competitive pricing, fast claims, and exclusive access to our Mitigata Console for proactive defence.
What is Cyber Insurance?
Cyber insurance coverage aims to protect companies against financial damages resulting from cyber incidents such as data breaches, ransomware attacks, and other online threats.
As organisations rely more on technology and store vital data online, this insurance provides essential security when cyberattacks occur.
For example, if a business is the victim of a ransomware attack, cyber insurance can cover the ransom payment as well as recovery costs such as system restoration and data recovery.
What Is Data Breach Coverage?
Data breach coverage is a specific part of a cyber insurance policy that protects businesses if sensitive data is compromised, lost, or stolen. Sensitive data could be customer information, employee data, or intellectual property.
Unlike general insurance, which covers physical or liability risks, data breach insurance is tailored for digital threats
Data breach coverage helps you pay for:
- Forensics to assess how and or to what degree the breach occurred
- Victims’ notices and possibly legal expenses for you as a business
- Credit monitoring
- Public relations or crisis management
Learn how cyber insurance can help SaaS businesses protect sensitive data and ensure uninterrupted service in the face of cyber risks.
Why You Should Get Cyber Insurance Instead of Just Data Breach Insurance
Although data breach coverage can provide financial assistance when sensitive data is released, it only addresses limited results from the overall risk of being targeted by a cyberattack.
Today, cyberattacks are much more complex and can have more effects on your business than just theft of data.
That’s why cyber insurance is the more inclusive solution for coverage. As it provides:
1. First-Party Coverage for Your Own Losses
2. Third-Party Coverage for Legal and Regulatory Liabilities
3. Protection Against Multiple Attack Vectors
4. End-to-End Financial Protection
Get a clear breakdown of cyber insurance costs in India so you can budget smarter and avoid unexpected premiums.
One Breach Costs Crores. Covering Yourself Costs ₹95,000/Year*
Save big tomorrow by acting today. We provide round-the-clock cyber coverage backed by fast claims and expert support.
What’s Covered Under Cyber Insurance
As cyber threats become increasingly sophisticated, this insurance provides financial protection and expert support to mitigate the impact of cyber incidents.
Coverage includes:
- Data breaches and cyber-attacks: Costs associated with data breaches and malicious cyber-attacks.
- Legal and regulatory expenses: Legal fees and expenses from regulatory investigations.
- Notification costs: Expenses for notifying affected individuals of a data breach.
- Public relations and crisis management: Costs for managing reputation and public relations efforts post-incident.
- Business interruption losses: Compensation for income loss due to cyber-related downtime.
- Cyber extortion and ransom payments: Coverage for ransom payments in case of cyber extortion.
Follow Mitigata’s clear, step-by-step process to handle your cyber insurance claim seamlessly.
What’s Not Covered Under Cyber Insurance
Even the best cyber insurance policies have limitations. Common exclusions include:
- Prior known incidents: Incidents known before the policy inception.
- Intentional acts or fraudulent activities: Acts of fraud or intentional damage.
- Infrastructure failures: Failures not caused by a cyber event, such as power outages.
Conclusion
Cyberattacks continue to evolve drastically. A cyber insurance policy will not only provide data breach coverage but also protect your business financially, meet requirements for compliance, and ensure resiliency in operations.
Mitigata offers a cyber insurance policy that combines first and third-party protection, strong regulatory and compliance support, and is supported by proactive tools to mitigate risk in advance of a cyber incident.
Don’t wait for a breach to disrupt your business. Protect your data, operations, and reputation with Mitigata’s Cyber Insurance Policy.
akshit k