The internet can be a dangerous place, whether for conducting business or personal financial transactions. As per studies, online banking frauds are a thriving 230-crore business between 2013 – 2016 and it continues to increase*. Yet in the digital age, we are forced to rely on the internet more than we would like, given the convenience it offers. Right from shopping to banking and paying bills, the quantum of financial transactions conducted online has increased exponentially over the past decade. We share our private information and crucial financial data with banks and online businesses and do our best to secure our data, protect our identities. And then hope that the next massive data breach won’t affect us or the firms with whom we have entrusted our valued personal or financial information.
The digital world is rife with cybercrimes like phishing and all kinds of malware including ransomware and brute-force botnets. With the advancement of technology, the Cybercriminals are only getting smarter and already beginning to use artificial intelligence (AI) and machine learning (ML) to effectively target individuals and business. Hence, no matter how many anti-virus software or firewalls you install, there’s no guarantee that any of your data is 100 per cent safe. Hence, in order to cover potential losses due to cyber risks, getting Cyber Insurance or Digital Insurance is important. There are plenty of benefits to buying a Cyber Insurance Policy. Getting a Cyber Insurance policy with Finserv MARKETS will offer you the following benefits: –
Identity Theft Coverage
Get covered against financial losses arising from identity theft due to unauthorized access, alteration or deletion of personal data. Additionally, you can also claim coverage for costs related to prosecution, photocopying of documents and transportation to and from court hearings.
In the event of non-consensual publishing or broadcasting of your content, you can get coverage against prosecution related costs.
Protection Against Cyber Stalking
A Cyber Insurance policy covers prosecution costs to help deal with the aftermath of cyberstalking.
Malware Related Coverage
Malware attacks can cause substantial financial losses. However, if you have cyber insurance, you can get coverage for restoration costs, expenses related to photocopying of documents and transportation costs in the event of a legal issue.
IT Theft Coverage
Get coverage for financial losses arising out of cyber theft and costs sustained for prosecuting a third party responsible for IT theft.
Get coverage from damages caused due to leakage of sensitive information like usernames & passwords, credit card details and other such frauds attempted.
If you become a victim of email spoofing and plan on prosecuting the culprit, cybersecurity insurance covers all costs involved in the prosecution process.
Cyber Extortion Coverage
Get coverage for losses arising from your personal, financial or business-related data being compromised or if you receive threats that could lead to extortion.
Third-Party Data Breach
Get coverage if your data was accessed by and/or shared by a third party without your authorization.
Clearly, Cyber Insurance offers plenty of benefits and financial protection against a wide spectrum of cyber risks. If you want to conduct your online financial transactions with complete peace of mind, apply for a Cyber Insurance Policy with Finserv MARKETS, today!
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!