The coverage protects the insured's bank account, credit card, debit card, or mobile wallet if money are stolen as a result of a cyber event/hacking of the insured's bank account, credit card, debit card, or mobile wallet by a third party. It also covers defence costs for claims made against the insured by a third party who has been a victim of identity theft fraud.

• The policy covers defence costs for claims brought against the insured by a third party or an affected party as a result of the insured's hacked social media account.
• It covers the costs of prosecuting the stalker. Malware-related data restoration costs are covered by the coverage.
• It also protects against phishing attacks. The policy safeguards against the fraudulent use of a bank account, credit card, debit card, or e-wallet by a third party to make online purchases.
• The policy covers financial losses incurred as a result of a faked email attack, as well as the cost of prosecuting the culprits.
• It covers defence costs in defamation/invasion of privacy claims brought by third parties as a result of the insured's publication/broadcasting of any digital media content.
• It protects against extortion losses as a result of the cyber extortion danger and reimburses the cost of prosecuting criminals.
• Because of the high demand for new cyber insurance products due to the ever-changing nature of cyber-attacks and new difficulties, general insurers must continue to strive to create custom-made products based on the model policy wordings and recommendations offered in the text.
• Insurers should carry out the foregoing aims in a fair and useful manner for policyholders.