With the increased use of internet in our daily lives, it is very important to look for cyber safety. For example, your bank details and social media accounts should be protected from identity thefts. Fortunately, such problems can be tackled and can be handled with a sound cyber insurance. You may find yourself trapped problems, like Hari did. Read more to find out what needs to be done on cases like Hari’s.
Hari, a 27 year old investment banker was staying abroad for many years. He had a credit card which he never used. One day he got a call from the bank stating that the last date of his due clearance is coming nearer and that he needs to pay the dues. Shocked to hear this news, he now understood that his online identity has been stolen and misused. Identity theft is the most common theft of cybercrime. It is stealing someone’s bank details, aadhaar card number or any other personal information online and then misusing it for any crime or personal benefit.
In this case, Hari’s bank information was stolen. Cyber criminals have the art of stealing all kinds of information such as personal information, email address, phone numbers to more specific details such as photos, social media accounts, bank details and tax returns.
Identity theft can harm you in many ways. It can result in financial losses or personal harassment in case someone circulates your objectionable pictures from your account.
What are the immediate actions you need to take in case of identity theft?
Change your password: Immediately change all your passwords and do not make it similar to the previous one.
Contact the relevant organization: Contact your bank, lenders, insurance companies to protect your details. You can even check with your bank and get that card that has been hacked blocked, and get a new card issued.
Inform the cyber cell team: If you have been victimized like Hari, inform the police or the cyber cell team immediately. This will act as a proof and will help you in getting claims from the bank and when you gett into the legal proceedings.
While cyber-risks cannot be always avoided, by using the finest cyber insurance policy
from Bajaj Allianz called the Individual Cyber Safe Insurance Policy, you can at least get some peace of mind. The policy is specifically designed to help you with the most common cyber related threats and risks such as:
- Identity theft: You can insure yourself from the consequences of identity theft with the help of this insurance. It covers the defense cost, prosecution cost and costs of transportation to court and photocopying of documents.
- Social media liability: Personal Cyber Insurance Policy helps in taking care of the defense costs and prosecution costs against theft occurring on your social media account.
- Cyber stalking: With an increase in internet penetration, we are exposed to all kinds of cyber stalking. The policy covers you from the after effects cyber stalking mainly from a criminal case against a third party.
- Malware attack: Nowadays it is very easy to infiltrate or damage someone’s digital devices with the help of a computer program which hackers create. This policy helps in the restoration cost and defense cost along with the cost of transportation to court and photocopying of documents.
- IT theft loss: The financial loss incurred due to funds wrongfully paid by you will be covered by this policy. The legal fees for a claim lodged will also be covered.
- Phishing: Phishing is wrongfully stealing usernames, passwords, credit card details and sometimes money with the help of an electronic communication. This cyber insurance coverage protects you for the financial loss incurred by you and the prosecution costs.
- Email spoofing: Email spoofing is the creation of emails with a fake senders address. This results in monetary losses too. This loss is covered under the Personal Cyber Insurance Policy along with the prosecution costs.
- Media liability claims: This policy will cover you in any event arising out of unintended publication or broadcasting of any digital content out of a cyber-attack to your digital systems. Prosecution cost is also covered.
- Cyber extortion: Cyber extortion is worse than an actual person holding a knife against you since the person will be hiding anonymously. This policy covers you against the loss incurred due to cyber extortion treat and also the prosecution costs.
- Privacy and data breach by third party: In privacy and data breach by a third party, your personal data is at risk by an unauthorized access. This policy helps in covering the legal fees incurred by you while you claim against the third party.
- Legal fees incurred by Insured for claiming damages against a Third party for Privacy Breach and or Data Breach
To know more about the premiums you need to pay, login to our website or talk to our friendly executives today!