Re: Working Group to
Study Cyber Liability Insurance
19 pandemic, there are rising incidences of cyberattacks
and a growing number of high-profile data breaches. It
is felt that cybersecurity is the most important need for
all sectors today to address the numerous risks posed by cyber-attacks.
the online exposures offices, business organizations and other establishments
face continue to increase even as they become more globally networked and
complex, insurance products need to adapt to the changing environment.
The General Liability policies do not cover cyber risks and cyber insurance
policies currently available are highly customized for clients in a new and
quickly growing market. Hence, it is felt that a basic standard product
structure is required to provide insurance cover for individuals and
establishments to manage their cyber risks.
3. To examine the need for standard
Cyber Liability Insurance product, it has been decided to
constitute the following Working Group.
P. Umesh, Consultant-Liability Insurance, Chair
Kasturi Sengupta, Chief Manager, National Insurance Co. Ltd., Member
Gisha George, Head - Liability Underwriting, Bajaj Allianz General Insurance Co
Balaji Cuddapah, President – Commercial SBU, Liberty General Insurance Ltd,
Gupta, Chief Underwriting officer, Scor SE, Member
Ayush Jain, Underwriter, Gen Re, Member
Segar Sampathkumar,Chair Professor (General Insurance),National Insurance
Shri. A.R. Nithiyanantham, Chief
General Manager, IT Department, IRDAI, Member
Shri.Dilip D. Dange,OSD(DGM),Non-Life Department,IRDAI, Member-Convener
4. The Terms of Reference of
the Working Group are as follows.
study various statutory provisions on Information and Cyber Security.
b) To evaluate
critical issues involving legal aspects of transactions in cyber space.
c) To examine
various types of incidents involving cyber security in the recent past and
possible insurance coverage strategies for those.
examine the cyber liability insurance covers available in Indian market and in
other developed jurisdictions.
recommend the scope of the cyber liability insurance covers for the present
context and for the medium term.
explore possibility of developing standard coverages, exclusions and optional
extensions for various categories.
other matter relevant to the subject.
5. The Working Group may have
its meetings through online mode and make its recommendations within two months
of the date of this Order.
General Manager (NL)