Cyber Insurance in Indonesia

Dear Insurance providers in Indonesia,


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


– 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

4. Work with legal resources to form the basic forms and methods of cover  PERADI

5. Collaborate with E-Commerce companies, ATM Switching companies, Banks and other financial institutions

6.  Educate insurers on the need for providing cover and the potential market size (coaching, mentoring)

Together, we can find a solution.

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