Cyber Risk

There is no denying the fact that cybercrime is steadily on the rise in India. Between 2015 and 2016 there was a 6.3% increase in the number of reported cyber crimes in India. However the number almost doubled in the year 2017. As per a more recent PWC-DSCI report titled “Cyber Security India Market” released in December 2019, the recent incidence of cyber attacks has tripled over previous years and 76% of a large pool of respondents believed that they need to protect themselves for their safety.
Hence, it’s important that apart from following digital best practices for staying safe i.e. installing firewalls and good quality anti-virus software, and selecting strong passwords, you should keep yourself secured against cyber attacks and should opt for cyber crime insurance.

What is cyber crime insurance?

This is the most basic question that one needs to understand. Cyber-crime insurance, as the name suggests, provides you with cover against cyber threats and cyber-attacks. The insurance helps individuals protect their reputation, and covers loss of information, data breach, any misuse of stolen information, etc.
A vast majority of cyber crimes are committed for financial gain. As the numbers of internet, smartphone and other device users increase, it is important that you secure yourself against cyber crimes. Cybercrime insurance is similar to any other insurance, in that it offers coverage against most scenarios but it does exclude a few others. Thus, it is essential that you are aware of these before opting to buy cyber crime insurance.

Inclusions and Exclusions

Recently, there has been a slew of instances where individuals have lost money due to unauthorized online transactions. A cyber crime insurance plan will provide you with protection against losses from such unauthorized online transactions. This is valid for online transactions involving bank accounts, or involving your debit cards or credit cards, or for transactions done through any other third-party app. Apart from financial losses, it’s important to be aware that in the event that a third party has certain aspects of your information, they can use it to tarnish your image.
Depending on the insurer that you choose for your cyber crime insurance, you could have the following covers.

  • Cover for identity theft
  • Cover for cyber stalking
  • Cover for social media
  • Cover for malware
  • Cover for IT theft
  • Cover for cyber extortion
  • Cover for phishing
  • Cover for e-mail spoofing
  • Cover for cyber bullying
  • Cover for privacy breach or data breach

As mentioned, there are are also certain scenarios or conditions where your cyber crime insurance plan might not have your back. Such a policy typically does not cover any improper conduct or dishonesty, unauthorized data collection, any unsolicited communication, any damage to property or physical injuries, etc.

How to Claim your Policy

It is recommended that you reach out to your insurer at the earliest when it comes to reporting cybercrimes. Your early report allows experts to analyze the situation quickly before things change too much, and makes for an eventually smoother claim process. You can use any of the following modes to inform your insurer about the cybercrime- via email, by calling customer care, or even through a written notice. You might have to submit a copy of the FIR and other relevant documents as advised by the representative of the insurer.
Given the constant rise in such crimes, it is high time that you assess the need for a cyber crime insurance and buy one.
SecureNow provides cyber crime insurance for individuals with online cyber insurance quotes available on the website. To get a quote for your firm or organization you can call us at 96966 83999, and we can help you with a good quality cyber insurance policy with one from several reputed insurers.
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