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A Quick Look At Cyber Insurance

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A Quick Look At Cyber Insurance
Rajat Mishra - 21 May 2020

When we are locked down in our home so in a bid to avoid virus infection, we are doing our maximum transactions via online portals so that there should not be exchange of currency notes as they can be the potential carrier of the virus. And in the age of digital transactions, digital and cyber frauds are not something new to us.

Thus, in order to fight with those cyber crimes and frauds It becomes imperative for us to know about cyber insurance.

What is Cyber Insurance?

Cyber insurance is also known as cyber risk insurance and is a new age policy which tries to safeguard online users from online fraudulent activities that can subject them to loss. They can be for multiple purposes such as Identity theft, social media liability, cyber stalking, malware attacks and many more. Some of the policies are meant for the corporate and some of them are meant for individuals.

This sort of insurance are also getting enough traction as a report from Data Security Council of India showed that 350 cyber insurance policies were bought by Indian corporate in 2018 as against 250 in 2017 marking a 40 per cent increase in the sale of these products. According to this report, between 2016 to 2018 India was the second most affected country from cyber threats.

Which are the companies offering these Policies?

In India many companies are offering the policies of cyber insurance these days. Some of the renowned names in these spheres are ICICI Lombard. HDFC Ergo, Bajaj Allianz, TATA AIG etc.

What to Consider While Buying A Cyber Insurance Plan?

As a user you should be very cautious when buying this policy the situation that may vary from claim to claim and can be very closely looked into. So any fraud will be substantially weighed then only will be taken further.

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