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Factors to Consider While Buying a Cyber Insurance Plan

By Finserv MARKETS - Feb 5,2019
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Factors To Consider While Buying A Cyber Insurance Plan

There is a significant increase in the number of cyber fraud cases nowadays and it is time you take steps to protect yourself from the same. One incident could make you lose your hard-earned money, within a span of a few minutes. Since we tend to carry out financial transactions on our computers and phones, we sometimes end up using public Wi-Fi, which is not secure. Therefore, it is best to get a cyber insurance plan, which will cover you in case of online breaches across all gadgets that are connected to the Internet. It is easy to get a policy but there are certain factors you need to consider before buying one.

The coverage 

You need to consider the inclusions of the policy you purchase. There are some plans, which treat inclusions like a clause, and you need to understand the liability arising out of the same. One of the most important elements of the policy is cover against malware threats and most plans provide it as an optional cover. You need to ensure that the plan offers covers against the same. An ideal plan should cover against the following:

  • Phishing and Spoofing
  • Fraudulent transaction carried out on your bank account or on your card
  • Reputation liability, which includes claims alleging defamation, loss caused due to identity theft
  • Restoration cost incurred due to the damage caused due to the malware,
  • Claim for damages against the third party caused due to data breach
  • Cyber extortion loss.

Sub-limits

Every policy offered has a sub-limit, which means the cover will remain restricted to a specific percentage. The insurer will be required to pay a cover cost, which will vary according to the plan opted for. In cyber insurance plans, there are sub-limits for every clause; however, malware is optional in certain cases and comes at an additional cost.

Prevention is always better than cure, which is why you need to invest in a digital insurance plan that provides comprehensive coverage and best suits your requirements today.

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522