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Cyber Insurance: A Game Changer

By Finserv MARKETS - Feb 11,2019
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Cyber Insurance: A Game Changer

Digital India was one of the major initiatives launched by our Hon’ble Prime minister Shri. Narendra Modi. In a country like India, which prides itself as a pioneer of digital revolution, the need for cybersecurity today, is now more than ever. Since, both individuals and businesses these days need to maintain data online and use various online applications and services in their day to day activities. It has become critical to safeguard yourself against all online frauds and threats. Right from data to online transactions, everything should be protected with adequate security measures.

Though new applications are being designed to ensure cyber safety, Cyber Insurance or Digital Insurance has become the need of the hour for individuals and more so for businesses. Ecommerce companies which deal with a large volume of financial transactions are especially susceptible to cyber threats. Also, websites that amass a large volume of data are also vulnerable to data thefts. A Cyber Insurance can help avert the huge financial losses resulting from cyber security breaches. Here’s how Cyber Insurance has become a game changer for Digital India: –

  • Investigation– A forensics investigation is necessary to determine the type of cyber breach, how to repair damage and how to prevent the same type of breach from occurring in the future. Investigations may require the services of a third-party security firm, as well as coordination with law enforcement and the CBI. A Cyber Insurance policy covers all investigation costs.
  • Financial losses – A Cyber Insurance policy compensates for monetary losses caused due to cyber breaches such as business interruption, data loss recovery, network downtime and costs involved in crisis management, which may involve repairing damage to your reputation as well.
  • Lawsuits and Extortion – This includes legal expenses associated with the release of confidential information such as intellectual property, regulatory fines and legal settlements. This may also include the losses occurred due to cyber extortion, such as from ransomware.
  • Counselling Expenses – Dealing with the aftermath of a cyber-security breach can often be a disturbing experience. A Cyber Insurance policy will provide compensation for all reasonable fees and expenses of an accredited psychiatrist, psychologist or counsellor chosen by you for treatments relating to stress and anxiety caused due to the cyber breach.
  • IT Consulting Expenses– If you want to avail IT consulting services post a cyber-breach, your Cyber Insurance policy will provide for cover the expenses incurred.

Finserv Markets offers specialised Cyber Insurance policy for individuals which cover the financial costs arising due to cyber-attacks like email spoofing, phishing, malware, ID theft, data breach and much more. Opt for a Cyber Insurance policy with us today and stay protected.

“Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522