Now You Can Insure Yourself From Cyber Frauds!

Protect yourself from cyber frauds with a cyber insurance policy! Never heard of a cyber insurance policy? Read on to know all about it.

Cybercrime is on the rise especially with more and more people adopting the convenient online medium for shopping, making financial transactions and more. Even the much-hyped Aadhaar programme was recently compromised with hackers leaking sensitive data online. Practically nothing online is actually safe. But now you can protect yourself from any and all cyber-attacks by buying a cyber insurance policy.

Additional Reading: How To Keep Your Identity Safe

Haven’t heard of a cyber insurance policy? Not to worry! Most people aren’t aware since these insurance covers were primarily available for and bought by companies and banks only. However, with cybercrime affecting individuals too, and resulting in either monetary loss or psychological trauma, it was the need of the hour to come up with cyber insurance covers to protect individuals as well.

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Although not much can be done with respect to the psychological trauma cyber breaches can cause, these policies at least bring much-needed relief by covering monetary loss, if any. On that note, there are two general insurers in India who have come up with innovative cyber insurance policies for individuals. Let’s learn a little about them, shall we?

Bajaj Allianz – Cyber Safe

Features – A comprehensive policy, Bajaj Allianz’s Cyber Safe insurance policy provides coverage against identity theft that occurs due to fraudulent access of personal info from your personal devices or on your social media accounts, cyber stalking and extortion, phishing or malware, e-mail forgery, third-party data breach, and targeted cyber intrusion. In addition to this, the policy also covers the costs for attending counselling sessions and IT consultant fees incurred (if applicable).

Eligibility – Any individual who is 18 years or above can buy this policy.

Policy plans – Plans start from Rs. 1 lakh and can go up to Rs. 100 lakhs

Policy Period – Annual

HDFC ERGO – E@Secure

Features – E@Secure insurance policy covers your entire family, i.e. your spouse and two dependent children, irrespective of age. The policy provides coverage against the following:

• Cyber frauds via any device across the globe
• Cyber bullying, harassment and trolling
• Anything that affects online reputation
• Identity theft
• Unauthorised transactions made online
• E-mail spoofing
• Phishing
• Cyber extortion

In addition, the policy also covers legal expenses and counselling costs, if any.

Eligibility – Any individual above 18 years old. You can extend the insurance cover to include a maximum of 4 family members (yourself, your spouse and dependent children).

Plans – Apart from the basic plan, you can choose from two optional covers – a family cover and a cover covering your digital data from malware attacks. Plans start from Rs. 50,000 and can go up to Rs. 100 lakhs.

Additional Reading: How To Identify An Email Scam

Of course, such insurance covers can protect you from the risks that plague the cyber space. However, we’d advise that you stay safe online, always. Here are a few simple tips to have a secure experience online:

• Make sure your passwords are strong and complex.
• Opt for multi-factor authentication for all your online accounts.
• Network security is important. Invest in a Virtual Private Network (VPN). Also, try and avoid free or public Wi-Fi at all costs.
• Using a firewall ensures a secure connection.
• Avoid opening or clicking on phoney, spammy e-mails, click-bait advertisements, online quizzes and all that jazz.
• Do NOT share your personal information online, ever.
• Smartphones are susceptible to a wide range of cyber threats. A good security software can keep your phone safe and secure.
• Financial transactions and online shopping must be carried out only on legitimate websites. Ensure that the website’s address starts with ‘https’ and the padlock icon is visible in the URL field.

Additional Reading: 11 Tips To Scam-Proof Your Online Transactions

Last, but not the least, it’s best to stay informed and always keep your guard up to save yourself from headaches later. And if you need any financial assistance, you can always hop on to our website or mobile app. We guarantee your complete safety!