akshit kIn 2025, devastating cyber incidents shocked businesses worldwide. Jaguar Land Rover’s ransomware attack halted UK factories for nearly four weeks, causing an estimated £1.9 billion in losses.
Meanwhile, Indian organisations faced over 2,000 cyberattacks per week, resulting in financial losses of approximately ₹36,450 crore.
These breaches exploited vulnerabilities in supply chains, networks, and operational technology systems. ICICI Lombard’s Cyber Insurance helps businesses recover from damage by covering costs.
This blog walks you through ICICI Lombard’s coverage options and key benefits to help you make the best choice for your business.
Why Do 800+ Companies Trust Mitigata?
Mitigata helped 800+ businesses across 25 industries to stay ahead of cyber threats with full visibility into their digital risk. Mitigata provides ICICI Lombard Insurance with one of the best features at the best prices in the market.
- Identify system and network weaknesses before attackers exploit them
- Mitigata offers additional features at the best rates through our in-house Mitigata Console.
- Train employees using simulated phishing and credential-theft attacks
- Monitor the dark web for leaked credentials and sensitive data
- Detect fake domains, phishing sites, and brand misuse in real time
Companies also rely on Mitigata for dependable support and coverage:
- 24/7 expert assistance whenever you need it
- Clear, competitive pricing with no hidden costs
- Complete coverage from investigation to reputation recovery
- Fast, simple claims for quicker business recovery
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Our streamlined claims process ensures fast resolution, supported by experts who understand your business risks and compliance needs.
Understanding Cyber Risks
The rise of digital platforms and technology means that companies now handle vast amounts of private and confidential information.
As a result, they are responsible for securing this data. The risk of cyber threats is steadily increasing, with security and data breaches affecting millions of records annually.
Reports of such breaches continue to rise dramatically, with the introduction of viruses and unauthorised access being well-known examples.
Coverage Offered by ICICI Lombard’s Cyber Insurance
ICICI Lombard’s Cyber Insurance Policy provides comprehensive coverage to protect businesses against a range of cyber risks. Below are the key areas of coverage provided:
First-Party Coverage
- E-Theft Loss: Protection against losses resulting from the fraudulent input of data into a computer system or network, leading to unauthorised transfer of funds or property.
- E-Communication Loss: Covers losses incurred due to a customer transferring funds or property based on fraudulent communication for which the insured business is held legally liable.
- E-Threat Loss: Includes the cost of professional negotiators and payments made or property surrendered as extortion payments.
- E-Vandalism Loss: Protection against losses caused by acts of vandalism, including those committed by employees.
- E-Business Interruption: Coverage for extra expenses incurred due to business interruption caused by cyber incidents.
- Privacy Notification Expenses: Covers the cost of credit monitoring services or similar services for affected customers, subject to a sub-limit.
- Crisis Expenses: Includes the cost of public relations consultants to manage the crisis, subject to a sub-limit.
End-to-end cyber risk coverage backed by Experts
With best-in-market pricing and partnerships with top insurers, we deliver enterprise-grade protection at SMB-friendly costs.
Third-Party Liability
- Disclosure Liability: Coverage for customer claims resulting from system security failures that lead to unauthorized access or dissemination of private information on the Internet.
- Content Liability: Protection against claims for intellectual property, trademark, and copyright infringement.
- Reputational Liability: Covers claims alleging disparagement of products or services, libel, slander, defamation, and invasion of privacy.
- Conduit Liability: Includes claims arising from system security failures that result in harm to third-party systems.
- Impaired Access Liability: Coverage for claims due to system security failures that result in systems being unavailable to customers.
- Defense Costs: Cover for costs incurred in defending any claim brought by a government agency, licensing, or regulatory organization. This includes defense costs in advance of the final disposition of any cyber liability claim and within 30 days of receipt of the invoice for such costs.
Exclusions
While ICICI Lombard’s Cyber Insurance Policy provides extensive coverage, certain scenarios are excluded:
- Dishonest or Improper Conduct: Excludes coverage for fraudulent acts or willful violations of any law or regulation by an insured.
- Bodily Injury/Property Damage: Excludes bodily injury, sickness, disease, death of any person, or damage to any tangible property.
- Mechanical Failures: Excludes coverage for mechanical failure, gradual deterioration, electric disturbances, media failure or breakdown, or any malfunction.
Key Benefits of ICICI Lombard’s Cyber Insurance
- Combined Coverage: Offers the combined benefit of third-party (cyber liability) and first-party (cybercrime expense) coverage.
- Broad Definitions: Provides broad definitions of “computer” and “system” to address enterprise-wide network exposure, including laptops, disk drives, backup tapes, and mobile devices.
- No Employee Exclusion: There is no exclusion for fraudulent or malicious acts committed by employees.
- Outsourced Data Coverage: Disclosure liability coverage extends to outsourced data processing and data storage services.
- Privacy Notification Expenses: Coverage is triggered without a claim or regulatory mandate for notification.
- Cyber Hacking and Attack Coverage: Provides coverage for incidents of cyber hacking and cyber attacks.
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About ICICI Lombard General Insurance
ICICI Lombard General Insurance Company is a leading insurer, offering a wide range of products and services.
It is a leading private sector general insurance company in India, providing solutions tailored to the diverse needs of its customers.
The Cyber Insurance Policy is a testament to its dedication to protecting businesses in the digital age.
Conclusion
ICICI Lombard’s Cyber Insurance Policy provides broad coverage for both first-party and third-party cyber risks, helping businesses protect their data, operations, and reputation against today’s growing threats.
For organisations seeking deeper protection beyond insurance, Mitigata offers end-to-end cybersecurity support with advanced risk quantification and expert-led defence.
Contact Mitigata to secure your business, strengthen resilience, and stay prepared for cyber incidents.
FAQs
- What types of businesses need cyber insurance?
Any business that relies on digital operations or handles private and confidential information should consider cyber insurance. This includes e-commerce companies, financial institutions, healthcare providers, and more.
- How does ICICI Lombard’s Cyber Insurance Policy handle data breaches?
The policy covers privacy notification expenses, crisis management costs, and third-party liabilities arising from data breaches.
- Does the policy cover losses due to employee actions?
Yes, the policy covers e-vandalism losses caused by employees and does not exclude fraudulent or malicious acts by employees.
- What is included in the defence costs coverage?
The policy includes coverage for defence costs incurred in defending claims brought by government agencies, licensing, or regulatory organisations.
- Can the policy cover cyber hacking incidents?
Yes, the policy provides coverage for cyber hacking and cyber attack incidents.
By investing in ICICI Lombard’s Cyber Insurance Policy, your business can be well-prepared to face the financial and reputational challenges posed by cyber threats.
For additional peace of mind and superior risk management, Mitigata is here to support your cyber resilience journey.
For more detailed information, you can visit ICICI Lombard’s Cyber Insurance page.
