Cyber insurance is the next big thing, but hard to find in Indonesia !!!!

Dear Insurance providers in Indonesia,

CYBER INSURANCE will be a HUGE MARKET

Try finding a policy here is a long, hard process.

Here are the basics of any Cyber policy

Typical Cyber coverage includes:

A. Third Party Liability
1. Privacy and Data Breach Cover
2. Network Security Claims Cover
3. Media Liability Claims Cover
4. Regulatory Costs and Fines Cover

B. First Party Business Interruption and Crime
5. Hacker Theft Cover
6. Business Interruption and Restoration Costs Cover
7. Cyber Extortion Cover

C. Services
8. Crisis Communication Cover
9. Consultant Services Cover


Deductible/ Retention: USD or IDR XXX each and every claim

Business Interruption waiting period :XXX hours per event

Extensions: - E-Payment/Contractual Penalties – Sub-limit USDor IDR XXX
- Regulatory Costs and Fines Cover – Sub-limit USD or IDR XX
- Business Interruption Loss and Restoration Costs Cover – Sub-limit
USD XXX
- Hacking Theft Cover – Sub-limit USD XXX
- Cyber Extortion – Sub-limit USD XXX
- Crisis Communication Cover – Sub-limit USDxxx
- Consultant Services Cover – Sub-limit USD xxx

Now why is it so hard to find cover in Indonesia?

First, insurers do not have a large data sample to pool funds and collect information.
Secondly, it is hard to measure actual loss versus fraud loss
Thirdly,  the market is not mature.

How do we assist insurers with these issues:
1. Let us form a consortium of companies requiring Cyber Coverage
2. Work with OJK (the Financial Services Authority in Indonesia OJK Insurance information
3. Collaborate with the Association Indonesian Internet Service Providers   APJII http://www.apjii.or.id/
4. Work with legal resources to form the basic forms and methods of cover
5. Educate insurers on the need for providing cover and the potential market size


Together, we can find a solution.