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JAN 19, 2018

5 Cyber Insurance Features You Should Check Before Buying A Policy

Bajaj Allianz Cyber safe Insurance

Cyber Security Insurance is a type of general insurance that covers you against cyber-crimes. Whether you browse the internet for your personal use or use it for your business, you are always at a risk of getting exposed to cyber-attacks such as email spoofing, IT theft, cyber extortion etc.

While there are several cyber insurance plans available in the market for covering the corporates, we at Bajaj Allianz have launched India's first Individual Cyber Safe Insurance Policy. This cyber safe insurance policy is designed specifically to cover the individuals against potential cyber threats and risks.

So, what should you check before buying a cyber security insurance policy?

You should check the following points before you buy a cyber insurance plan:

Evaluate your risk exposure

As an individual, you should evaluate the risk associated with the exposure of your private data such as financial transactions done through your various devices in the form of internet banking, e-wallets, card payments; amount of data stored on digital devices; social media usage, etc. before purchasing a cyber insurance policy.

If you are looking to buy a cyber insurance plan as a corporate, then it is extremely important to know and understand, to what extent your company is storing and processing third party data. In addition to this, you should also assess what percentage of your organization's work is dependent on automation process, which might be affected if the system shuts down for a significant amount of time.

Understand the limit of liability to be opted

The first step of understanding your exposure is the stepping-stone to opt for a sufficient limit of liability. Based on the evaluation of your risk exposure, you should wisely choose the SI (Sum Insured). At Bajaj Allianz, we offer Sum insured options ranging from INR 1 lakh to INR 1 crore with our Individual Cyber Safe Insurance Policy.

Coverages offered

Before going ahead with cyber liability insurance, it is extremely important to understand the coverages offered by the cyber insurance policy. It is always important to understand the coverages provided by your insurer so that you are aware about the threats covered in the policy. Having the knowledge of the inclusions and exclusions of the cyber insurance policy makes it easy for you to file a legitimate claim. Bajaj Allianz�s Individual Cyber Safe Insurance Policy covers you against 10 major cyber threats:

Coverages offered

Before going ahead with cyber liability insurance, it is extremely important to understand the coverages offered by the cyber insurance policy. It is always important to understand the coverages provided by your insurer so that you are aware about the threats covered in the policy. Having the knowledge of the inclusions and exclusions of the cyber insurance policy makes it easy for you to file a legitimate claim. Bajaj Allianz's Individual Cyber Safe Insurance Policy covers you against 10 major cyber threats:

  1. Identity Theft
  2. Social Media Liability
  3. Cyber Stalking
  4. Malware Attacks
  5. IT Theft Loss
  6. Phishing
  7. Email Spoofing
  8. Media Liability
  9. Cyber Extortion
  10. Privacy & Data Breach by Third Party

To know about Corporate Cyber policy, please contact your nearest Bajaj Allianz office and we will be happy to serve you.

Premium and deductibles

Whereas premium is an extremely important part of an insurance buying process, it is very important to understand the amount of deductibles as well. Deductible is the amount, which in case of a loss incident, you have to bear first and the insurance company pays over and above the same. Some insurers offer extremely low premium rates to gain businesses, but charge extremely exorbitant deductibles, which in turn becomes your liability at the time of a claim. It is advisable to pay decent premium and keep the deductibles at a standard limit so that it doesn't becomes a huge burden for you in case of a claim.

Our Individual Cyber Safe policy offers 10 plans starting from INR 1 lakh. One unique feature of our Individual Cyber Safe policy is that there is NO deductible. The individuals are covered from cyber threats from grounds-up. The premium rates for this policy are listed in the table below:

SI 1 Lakh 3 Lakh 5 Lakh 10 Lakh 15 Lakh 20 Lakh 25 Lakh 50 Lakh 75 Lakh 100 Lakh
Premium 662 1395 1823 2848 3696 4187 4545 6156 7589 8933

Experience of the chosen insurer

It is extremely important to understand the expertise and experience before finalizing an insurer for cyber Insurance. As Cyber Insurance is a niche product, claims experience of the insurer becomes an important point to be considered. To deal with cyber insurance claims, you should check if the claims team of the insurer is sufficiently equipped with forensic experts who will settle the claim.

You should also go through the customer review and FAQs section of the insurance company from whom you are planning to buy the cyber insurance policy, so that you make an informed decision while buying a suitable cyber insurance plan for yourself and/or your company.

Read more about Individual Cyber Safe Insurance on our website - Demystify Insurance.

This article is authored as an expert opinion piece by Ms. Kalpana Pandey, Assistant Manager Liability Underwriting at Bajaj Allianz General Insurance Co. Ltd.

Disclaimer

I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.

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