Insuring Hitherto Uncovered Losses - Cyberinsurance

Case Code: INS010 Case Length: 03 Pages Period: 2003 Pub Date: 2003 Teaching Note: Available

Price: Rs.100 Organization: Varied Industry: Insurance Countries: India Themes: -

Abstract Case Intro

Abstract

The case examines the gaps in insurance coverage provided by general liability products and the need for hi-tech companies to obtain Cyberinsurance through means of separate insurance packages. The evolutionary status of Cyberinsurance coverage, resistance of companies to realize their need for this coverage, and their failure to reveal the true picture of cyber losses incurred by them are also mentioned in the case.

The case discusses the importance of market research before launching a product into the market and also examines the need to accurately identify the purpose of carrying out a market research.

Issues

• Understand the risk faced by companies dependent on computerized operations and their need for insurance coverage to protect themselves from losses arising due to failure of their internal systems
• Realize the failure of insurance companies from providing Cyberinsurance as part of general liability products

Keywords

Insurance Coverage, General Liability Products, Hi-tech Companies, Cyberinsurance, Insurance Packages, Cyber Losses, Market Research, Launching a Product

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