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Things to Keep in Mind While Buying a Cyber Insurance Policy

By Finserv MARKETS - Mar 16,2019
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Things to Keep in Mind while buying a Cyber Insurance Policy

As we rely more and more on the internet, we are inadvertently exposed to various cyber risks. Cybercrimes are on the rise and Cyber Insurance or Digital Insurance has become an imperative need. A Cyber Insurance policy offers financial protection against a wide spectrum of cybersecurity threats such as email spoofing, cyber extortion, cyberstalking, privacy breach etc. However, in order to secure complete and effective coverage against cyber risks, it important to choose your Cyber Insurance carefully. Here are some important things to keep in mind while buying a Cyber Insurance policy: –

Things to Keep in Mind While Buying a Cyber Insurance Policy:

  • Check the coverages
  • Ensure that counselling service fees are covered
  • Ensure that protection of unauthorized media content is covered

Check the coverages

Before buying a Cyber Insurance policy make sure to look closely at the coverage or the inclusion. Certain Cyber Insurance plans may treat the inclusions as ‘clauses’ while others may call them the ‘limit of liability’. Also, some policies may not cover malware attacks, while some may offer it as an optional cover. Malware is a major threat to cyber security, although anti-malware software and firewalls can offer some degree of protection against it. Hence, it important to ensure that malware is covered by the Cyber Insurance policy you choose. An ideal Cyber Insurance policy should offer the following coverages: –

  1. Identity theft cover
  2. Cyberstalking
  3. IT theft loss cover
  4. Malware cover
  5. Phishing cover
  6. E-mail spoofing.
  7. Media liability claims cover
  8. Cyber extortion cover
  9. Privacy breach and data breach by a third party

The Cyber Insurance Policies at Finserv MARKETS offers coverage against all the above risks.

Ensure that counselling service fees are covered

Dealing with cybercrimes such as cyber extortion or cyberstalking can cause immense mental stress leading the victim to seek counselling. While availing counselling can help the victim recover, it can also turn out to be an expensive affair. Therefore, ensure that your Cyber Insurance policy covers the consultation fees so that you can minimise the expenses. Cyber Insurance at Finserv MARKETS, covers the consultation fees incurred during visits to psychiatrists, psychologists or counsellors to help the insured deal with anxiety or medical conditions that are a direct result of cybercrime.

Ensure that protection of unauthorized media content is covered

With the rise of cyberstalking and plagiarised content, it is important to have an insurance policy in place that offers coverage against the unauthorized use of your content. An ideal Cyber Insurance policy should cover the damages caused due to unauthorized broadcast or publication of your private data.

To protect your online data, understand What is Cyber Insurance. Read more about digital insurance and why it is required in the modern age.

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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