With increased digitization, we do everything digitally and use internet for almost everything. Online purchase to online payments, online doctor consultation to online yoga, online ticket booking to online education, this is the new age and this is how we all use technology. This leaves us with more exposure to cyber fraud. Cyber-crime is heard almost every day. The challenge here is, how do we protect our data, recover data, protect our money, secure transactions etc. ? While on technology side security enhancements are taking place, the general insurance companies have come us with Cyber Insurance Policies which provides certain protections/ coverage.
Cyber insurance policy can be purchased by individuals and also by businesses. The coverages provided are designed looking at the individual’s need and corporate need. These cyber insurance policies provide cover for:
- provide insurance cover for all your devices
- provides cover for all family members devices & protection of cyber fraud
- covers Data Recovery cost
- covers Online Financial Losses
- online Extortion threat are covered
- any media liability arising is also covered
- online reputation losses if any will be covered
- few polities also provide doctor (phycologist) consultation
- such policies do not have waiting period
- premium for cyber insurance policies are cost effective. You can either take standard cover or can customise policy as per your requirement
- in case you have to spend any legal fees to fight cyber-crime such policies provide cover for this also
- 24-hour support is provided for reporting incidents and claim settlement
- these policies are available both in online and offline mode for purchase
Note: just that you have a cyber insurance policy does not mean that you be careless. All such policies want you to take standard precautionary measures and in case you have neglected they may decline your claim. Further, as of now cyber insurance does not provide cover for crypto related matters.