Everything you need to know about Cyber insurance
Jul 21, 2020

What Is Cyber Insurance?

Everyone today is digitally aware and being digitally aware means actively handling your social media, internet transactions, mobile banking, managing taxes and using online services for all petty as well as substantial tasks. But with so much online presence there is always a risk of getting exposed to cyber-attacks.

Bajaj Allianz's CyberSafe Insurance is the best way to protect yourself from cyber-attacks and their impacts. The most striking feature of this policy is that it is specifically designed for individuals and is the first of its kind in the Indian insurance industry.

So what is Cyber Insurance?

Cyber Insurance covers youin case of cyber-attacks and threats such as data breaches, identity theft, financial losses due to unauthorized online transactions, cyber stalking, phishing etc.

At Bajaj Allianz we cover you for 10 potential cyber threats:

  1. Identity Theft - This happens when a cyber-criminal gets unauthorized access of your personal information and he/she misuses it to commit crimes and illicit transactions on your name. To safeguard yourself in such scenario, cyber insurance can help you with defense and prosecution cost.
  2. Social Media - When someone uses your social media account to post obscene and degrading content in an illegitimate way, you can use cyber insurance to get covered with defense and prosecution cost.
  3. Cyber Stalking - Cyber stalking is when someone harasses you online via digital communications. You can report such issues and seek cyber insurance to cover the prosecution costs incurred for the criminal case.
  4. Malware Attacks - These are the most common types of cyber-attacks where malicious software such as viruses, Trojan horses, spyware etc. are used to harm your digital devices. Cyber insurance provides coverage like restoration and defense cost if your system is hit by this attack.
  5. IT Theft Loss - Cyber-criminals can get unauthorized access to your system and make illicit money transfers, thus emptying your bank accounts. Having a cyber Insurance policy can be helpful as it covers you for financial loss due to theft, any legal fees and prosecution cost.
  6. Phishing - Phishing is an attempt made by cyber-criminals to obtain your sensitive information by posing as an upright body. This can lead to financial losses and hefty prosecution expenses, which can be covered by purchasing cyber insurance.
  7. Email Spoofing - Cyber-criminals use forgery of email header to get your sensitive information. This is email spoofing and you may lose a large sum of money in this scam. Cyber insurance covers you for such losses and helps you with prosecution costs.
  8. Media Liability - Attacks designed for websites and blogs other than social media accounts fall into this category. To safeguard yourself in such anunfortunate incident, cyber insurance can help you with defenseand prosecution cost.
  9. Cyber Extortion - The best way to explain this is the recent wannacry ransomeware attack, where cyber-criminals demanded bitcoins for not leaking the stolen private data online. Cyber insurance safeguards you in such scenarios and cover cyber extortion and prosecution cost.
  10. Privacy & Data Breach by Third Party - Sometimes your data stored on a third party's system may also get stolen and misused. Having a cyber insurance can compensate you with legal fees for claiming damages against third party.

Any individual above 18 years of age must purchase this annual policy. The plans for cyber insurance start from INR 1 Lakhwith affordable premium of INR 700 and the SI can be extended up to INR 100 lakh. Visit our website or reach out to our executives and get more details about this policy.

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