What Is Cyber Insurance- Cyber insurance is a policy that reduces financial losses related to cyber crime for a business or individual. Cyber insurance is becoming increasingly popular in the country.
Internet is now being used extensively in India. Internet has now reached rural areas also. The trend of internet banking has also increased a lot in the country. Due to people’s easy access to the Internet and increase in digital transactions, the risk of cyber fraud has also increased. In the financial year 2023,
about one lakh cases of cyber fraud were reported across the country. In view of the increasing incidents of cyber crime, cyber insurance has now become very important. A cyber insurance policy provides cover to the policyholder against various types of cyber crimes and frauds.
If someone steals your money by becoming a victim of UPI fraud, phishing and email spoofing, then cyber insurance policy helps in compensating your loss. This policy not only compensates for the loss caused due to fraudulent access to your bank account, credit/debit card or your e-wallet, but also if your personal information is stolen online. If there is any loss then it also pays for it.
Many companies are offering cyber insurance.
Many insurance companies in the country provide cyber insurance policies. SBI provides cyber insurance policy by the name of General Cyber VaultEdge, Bajaj Allianz provides Bajaj Allianz Individual Cyber Safe Insurance Policy and HDFC ERGO provides cyber insurance policy by the name of HDFC ERGO Cyber Sachet Insurance. This policy is for one year. The premium of these policies varies according to the sum assured. The sum assured ranges from Rs 50 thousand to Rs 1 crore.
What is covered:
Online theft cover, cyber bullying, unauthorized digital transaction, social media liability, malware attack, online shopping, data breach and identity theft etc. are covered in cyber insurance. In this, the premium is decided on the basis of the amount of coverage and features.
Keep these things in mind while taking the policy.
While taking cyber insurance, you should understand the plan offered by the company very well. You should know what is covered in the policy. Generally, cyber insurance policies provide protection against 10 to 15 types of cyber threats.
If you do a lot of online transactions then you will need more cover. Many companies impose conditions for the deductible. Experts say that even if a higher premium has to be paid, the deductible should be kept low.
