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Personal Cyber Insurance Policy

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Personal Cyber Insurance

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Table of Contents

  • > Key Coverage of Personal Cyber Insurance Policy
  • > Quick Guide to Personal Cyber Insurance Policy
  • > Frequently Asked Questions
  • > Why SecureNow?

Key Coverage of Personal Cyber Insurance Policy

Unauthorised Online Transaction

Cyber crime insurance covers loss due to fraudulent use of the bank account and or credit/debit card and or e-wallets by a third party for purchases made over the internet.

Legal Protection

Cyber insurance plan covers not only financial losses but also the legal expenses upto full policy limit.

Family Coverage

This policy also allows you to cover not only yourself but your family members also. One has the option to get coverage for his/her spouse & 2 dependent kids.

Various Benefits

Cyber crime plan provides protection in the event of online breach like phishing, e-mail spoofing, e-extortion, identity theft, unauthorised online transactions, cyber bullying etc.

Quick Guide to Personal Cyber Insurance Policy

What is a Personal Cyber Insurance?

Personal Cyber Insurance aims to protect individuals from losses arising from cyber attacks such as phishing, bullying, etc. While extension options for families might be available, this insurance primarily aims to protect individuals.

The basic terminologies are similar to that of Commercial Cyber Insurance. Commercial insurance provides protection against cyber attacks and claims by customers for an organization. On the other hand, Cyber Insurance offers financial and legal protection against cyber crimes for an individual.

While corporate cyber insurance is quite popular, most people remain unaware of the importance of having Personal Cyber Insurance. Hacking an individual’s database can be easier than hacking into a company’s data. This makes individuals more prone to cyber data attacks.

Also, even though some corporate policies include employee data in their cyber coverage, most companies do not protect employees’ personal data. Cyber Insurance policy thus becomes a necessity for individuals. As a business owner, individuals can use your personal sensitive information against you and your company, including passwords and identification metrics. However, Commercial Insurance usually excludes coverage for such personal data.

Why is Personal Cyber insurance highly relevant in the Indian context?

India has witnessed a digital boom in the past few years. In this era, almost every corner of the country has access to unlimited information. With such rapid adoption of internet technologies, threats related to the sector have also seen a rise.

The introduction of UPI in India has enabled smoother online transactions. But the losses due to internet-related payments, such as Net Banking, ATMs, Credit cards, etc., have increased significantly. In the fiscal year 2020-21 alone, financial institutions recorded these losses at an amount of Rs 63.4 crore.

Since COVID, working from home has been prevalent in the country, leading to more online interactions. In 2018, pre-Covid stats of cyber security incidents was 2.08 lakh. This saw a more than five times increase, with 14.02 lakh cases reported in 2021.

In September 2021, the Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines for insurers. These guidelines pertain to the inclusions and protection of individuals against cyber attacks. This is a step to fill the gaps in the cybersecurity space in the country.

In August 2023, the Lok Sabha passed the Digital Personal Data Protection Bill. This bill establishes rules for data-related companies and enumerates consumer rights. The bill proposed a maximum penalty of 250 crore and a minimum penalty of 50 crore in case of any violation. Such Cyber laws are becoming more prevalent as the government considers cyber security and data breaches as serious offenses.

As a country, India is still learning to deal with technological threats. This makes it vulnerable to cyber attacks in a world where technology gets more intelligent daily. Plus, ransomware threats are surging worldwide, and India is no exception. Hence, individuals need to have Cyber Insurance policy in place.

What primary cyber threats pose the most significant risk to individuals?

Individuals, compared to organisations, may take cyber security concerns less seriously. Companies maintain dedicated teams of IT professionals and cybersecurity experts, along with substantial funds and robust security policies. In contrast, most individuals hardly implement similar measures for personal data protection.

A person may choose the convenience of a 4-digit password over the security of setting and remembering a longer password. So, this would make him more vulnerable to cyber attacks such as data breaches and hacking.

Individuals can fall victim to malpractices like phishing more frequently than companies. Such criminals manipulate people into clicking malicious links or submitting money, which makes individuals more susceptible to these attacks. Individuals also use multiple devices and services, such as smartphones, tablets, and laptops.

This increases their attack surface. Each device and online account can become a potential entry point for cybercriminals. Cyber criminals deploy various social engineering strategies to exploit human psychology. They tend to evoke emotions such as fear, urgency, and trust to gain access to personal unauthorised information.

Impersonification refers to the act of posing or pretending to be someone known to access information. Criminals may play on empathy or compassion to have the upper hand. Naturally, individuals are more prone to such threats as exploitation can be more accessible.

Tailgating is another form of attack that individuals are prone to. It refers to (mostly physically) following a person, building connections, and using their kindness to gain information against them. In fact, individuals usually have very limited resources and information on such attacks at a personal level.

People are also more prone to risks such as financial defaults. A company can raise funds or secure loans to manage cyber attack losses, but individuals have limited protection against such attacks. Therefore, it becomes essential for each person to have Cyber Insurance.

What is covered under an Individual cyber insurance policy?

Personal cyber insurance provides protection against various cybercrimes for individuals, such as:

  •   Theft of identity leads to financial losses. This would cover identity restoration costs, legal fees, and related expenses.
  •   Data breach and related costs such as notification costs incurred, credit monitoring, and potential legal fees.
  •   The insurance covers ransom money demanded for lost or unauthorized data access.
  •   Any financial losses occurring from fraudulent online transactions or stealing.
  •   Coverage and aid related to cyber extortion.
  •   Coverage from phishing and other malpractices.
  •   Legal expenses in cases of defamation or claims.
  •   Coverage from privacy violations in case of unauthorised social media account access (media liability).
  •   Protection in case of defamation or slander.
  •   Coverage and restoration in case of a cyber attack on your home system or personal network.
  •   Legal fees incurred in court settlements.
  •   Monetary losses resulting from fraudulent email attacks.
  •   Any third-party charges against you due to the attack, such as malpractices, defamation, privacy violation, etc.
  •   In cases of cyber stalking, the insurance covers expenses for investigating and prosecuting online stalkers.
  •   Access to fraud specialists and cyber security experts.
  •   Monitoring and investigation costs.
  •   Replacing or repairing digital data.

What is not covered in Individual Cyber Insurance?

Personal Cyber Insurance policy excludes certain risks such as:

  •   Events or attacks that occurred before the policy’s commencement.
  •   Insurance doesn't cover cryptocurrency and related attacks due to their non-recognition as legal tender in India.
  •   Losses resulting from illegal or malicious activities of an individual.
  •   Personal Cyber Insurance does not cover your work or business-related attacks.
  •   Damages and losses incurred due to war, terrorism, or natural causes.
  •   Losses occur from intentional acts or individual negligence.
  •   If the insurance company had prior knowledge of a data breach or incident before issuing the policy, they might exclude coverage.
  •   Intentional lack of security measures or not following regulated safety guidelines.
  •   Loss of potential future earnings that may have happened if not for the attack.
  •   Damage or loss to any physical property or non-digital assets.
  •   Any losses already covered by another insurance policy.
  •   Losses due to government policy changes.

How to strike the right balance between coverage and premium?

A significant problem while selecting a Personal Cyber Insurance policy is balancing coverage and premium cost. Usually, individuals look for higher coverage in case of cyber attacks. But that also means a higher premium price. However, achieving this balance is crucial.

First, you must analyse your needs and risks carefully. There is no one-size-fits-all policy for every person. Then, assess your risks and liabilities. Also, identify priorities by spotting your vulnerable areas.

Ensure thorough comprehension of policy terms. Maintain clean financial records. Integrate deductibles, your personal expenses, to significantly lower the premium.

Please ensure to compare and purchase policies. Customise the Personal Cyber Insurance terms to your needs. Consider your budget well. Assess your risk tolerance levels.

You may sometimes be eligible for discounts if you buy multiple insurances as a bundle.

As an example, home insurance typically includes Personal Cyber Insurance as an available choice.Talk to your insurance provider regarding the same.

Finally, do not compromise coverage costs to lower your premium amount. In case of an attack, the more coverage you have, the better protected you are. You may consider seeking professional advice.

What is the cost of Personal Cyber Insurance?

Personal Cyber Insurance policy costs can vary widely for each individual. No two people need the same policy, and customisations can lead to such differences in cost. Further, factors like the Insurance provider, your location, age, and individual risk profile also affect the policy cost.

A Personal Cyber Insurance that covers Rs 1 lakh for one person can cost anywhere from Rs 700 to Rs 3,000. The scope of cybercrimes determines the premium amount the policy covers, and the range of services included.

For example, Bajaj Allianz's Individual Cyber Safe Insurance policy offers Rs 1 lakh coverage for a yearly premium of Rs 781. On the other hand, ICICI Lombard’s Retail Cyber policy charges an annual premium of Rs 2,708. The HDFC Ergo Cyber Sachet plan, designed for working professionals, has an annual price of around Rs 984.

These plans follow an annual renewal cycle and extend coverage to multiple devices. Additionally, some plans allow for the inclusion of family members, typically for parents and up to two children.

How to get a Personal Cyber Insurance policy?

Consult with your insurance provider for Personal Cyber Insurance. You may visit the office offline and purchase the policy.

Alternatively, you can utilize online marketplace platforms like SecureNow. We make policy purchases super simple and comfortable for you.

Start by entering your preferred policy needs. Then, choose from the array of coverage options provided by different insurance providers. Finally, compare and pick the policy that suits you best. Afterward, upload and validate your documents, make an online payment, and activate your chosen policy.

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How to raise a claim under Individual cyber safe insurance?

Inform your Personal Cyber insurance provider as soon as an attack takes place. They shall lodge an FIR with both the police and the cyber cell. You'll need to provide information about the attack, relevant documents, identity proof, financial loss proof, and related evidence.

Fill out the claims form provided by your insurer accurately. An investigation will take place. Corporate with the officials and stay updated on the process. The insurance provider will assess your claim based on the information provided and the terms of your policy.

We will inform you about the approval status of your claim. Upon approval of your claim, they will proceed to address the issue. This might involve covering financial loss due to various reasons, offering services, or taking other steps in accordance with the policy terms. If not approved, you can enquire about the same from your insurance provider or seek the help of a higher authority.

Frequently Asked Questions

Personal cyber Insurance covers all direct financial losses and damages resulting from any cyber attack or online fraud for an individual. This includes ransomware costs, data restoration costs, and legal fees for attorneys.
Personal Cyber Insurance is a necessity in today’s digital era. Every individual who makes online transactions need to ensure their safety on the web. Damage repair costs can be exceedingly high, including extortion costs. Keeping in mind such scenarios, Personal Cyber Insurance is surely worth it.
Any individual above 18 years of age is eligible for Personal Cyber Security Insurance. You just need to have valid identification documents for verification.
The policy period refers to the time frame for which the Personal Cyber Insurance policy is active and valid. The mentioned time period is in the terms of each policy. Typically, policies remain valid for a year and require renewal afterward. However, you can also opt for long-tenure policies.
Personal Cyber Insurance includes coverage for restoring lost digital data due to a cyber attack and the associated direct financial losses. This insurance policy does not cover physical or bodily damages.

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