In 2011, Sony's play Station Network was breached by hackers, exposing personally identifiable information (PII) of 77 million Play Station user accounts. The breach prevented users of Play Station consoles from accessin

In 2011, Sony's play Station Network was breached by hackers, exposing personally identifiable information (PII) of 77 million Play Station user accounts. The breach prevented users of Play Station consoles from accessing the service, an outage that lasted for 23 days. Sony incurred $171 million in costs related to the breach. Portions of the costs could have been covered by a cyber-insurance policy but Sony did not have one in place. A court case ruled that Sony's insurance policy covered damage to physical property only, leaving Sony to incur the full amount of costs related to cyber damage. India's Cyber Security industry nearly doubled in size amid the pandemic with rapid digitalization. After keeping in mind the rising incidences of cyber-attacks along with a growing number of high profile data breaches, the online exposures for individuals, business organizations, offices and other establishments, the Insurance Regulatory and Development Authority of India (IRDAI) on 8th September, 2021 has issued guidance document on product structure for Cyber Insurance. Discuss the main objectives of the guidance document on product structure for Cyber Insurance.