Context

  • Bajaj Allianz General Insurance Co. Ltd has a new insurance policy to cover the risks coming from cyberspace and social media. Called the Bajaj Allianz Individual Cyber Safe policy, it covers 10 types of risks related to: identity theft, social media, cyber stalking, information technology (IT) theft loss, malware, phishing, email spoofing, media liability, cyber extortion, and privacy and data breach by a third party. The sum assured ranges between Rs1 lakh and Rs1 crore.

Background

  • Cyber insurance means safeguarding yourself, financially, against cyber-attacks such as identity theft, phishing, email spoofing, IT theft loss etc. With the rise in digital empowerment, people run the risk of getting exposed to cyber threats and in many cases they also lose large sums of money. Having a cyber insurance is, therefore, of critical importance.

Benefits of Cyber Insurance:

Following are some of the many benefits of cyber insurance:

  • Policy for IndividualsThis is the only cyber insurance policy which is designed specifically for individuals. Anyone above 18 years of age can purchase our cyber insurance policy. Nowadays nearly everyone is using internet to make payments, to transfer money, do online shopping, to read blogs and articles and to browse social media. With so much data available online, cyber criminals can misuse it to commit crimes, frauds and thus put you in trouble. Having an individual cyber insurance is thus beneficial.
  • Coverage under the Individual Cyber Safe policy Cyber insurance protects you against 10 potential threats namely identity theft, social media liability, cyber stalking, malware attack, IT theft loss, phishing, email spoofing, media liability, cyber extortion and privacy and data breach by third party, all in one cost-effective cover.
  • Financial Costs Coverage Purchasing cyber insurance benefits you by covering defense cost, prosecution cost and other minor expenses in case you become the victim of a cyber-attack. Click here to know more details.
  • Counselling Services Being a victim of cyber-attack can lead to stress, hypertension or similar medical conditions. It is advised that you should take treatment from accredited psychiatrist, psychologist or counsellor, if under stress due to any type of cyber-attack. Cyber insurance covers the reasonable cost of treatment in such scenarios.
  • IT Consultant Services Cover Cyber insurance covers the IT Consultant costs incurred by you in order to prove the amount and the extent of a covered loss.
  • Affordable Premium Cyber insurance plans start with an affordable premium of INR 700 for a Sum Insured of INR 1 lakh. Multiple coverage options are covered under this annual policy at reasonable premium rates. Also there is no excess in the policy.

Source: Livemint & Bajaj Allianz