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Cyber Insurance Overview
The Internet has made life easy for us. Anything we need is readily available online and can be delivered to us at our doorsteps. Increase in the use of the Internet has also lead to a rise in Internet-related frauds. Since most of your personal information is available online, it makes you vulnerable to cyber-attacks. Identity-theft and misuse of data are on the rise, and any person can fall victim to it.
In addition to this, we know that the life of most people revolves around their mobile phones. From keeping in touch with their loved ones, buying groceries, to managing their finance, most individuals prefer using their mobile device.
Securing your data from cyber-attacks is thus crucial. You can claim for the loss incurred due to the cyber-attack with a Cyber Insurance plan available on Finserv MARKETS.
Why do You Need Cyber Insurance?
Cyber insurance protects you against cyber-attacks like email spoofing, phishing, malware, identity theft, data breach, and more. Let us look at a few illustrations to understand the need for cyber insurance in today's world.
Illustration 1:
Sofia received a spoofed email in the name of her bank. The email has requested her to provide personal information like credit card number and pin details. Thinking it is her bank who is asking for more information, she responds to the mail. The intruder now has Sofia's credit card information can use the card for other fraudulent activities.
Spoofed emails sometimes even contain links offering limited-time deals, which is a link to download and install malware on your devices. So, in case you are a victim of email spoofing and want to prosecute the intruder, cyber insurance plan helps cover the expenses incurred.
Illustration 2:
Ashwin left his laptop unattended during an office event. Another person, who found the device has downloaded Ashwin’s personal information (social media passwords, bank details and pins, and more). This person is now accessing Ashwin’s social media networks to post abusive content online as Ashwin.
This is known as identity theft, and it is a severe crime. Under cyber insurance, if you are a victim of identity theft, you can claim coverage for costs related to prosecution.
Illustration 3:
During tax season, intruders send messages regarding tax issues. A common practice followed is to send fake link requesting access to your tax forms. If you happen to respond to these emails and end up sending your tax forms to the intruder, you are sharing all your personal information.
In case you fall victim to a phishing attack, a cyber insurance plan will cover all the costs related to the prosecution of the third party involved.
Illustration 4:
Many people receive a fraudulent SMS from intruders stating that their debit card is locked. A fake link will be provided to reset the pin details. Clicking the link will lead you to the intruder’s phishing site that looks similar to bank’s official website.
This way, the intruder gains access to your debit card details and can misuse the same or leak the information to others. With cyber insurance plan, you will be covered against any losses arising out of such activities.
Key Things to Consider When Buying Cyber Insurance
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What Should Constitute A Good Cyber Insurance Policy?
Knowing what your individual cyber insurance policy covers and what it excludes is essential. You can get cyber insurance coverage for a host of options like identity theft, extortion, email spoofing and more.
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Are Counselling Service Fees Covered Under Cyber Insurance?
Dealing with cyber-crime (stalking/online threats and extortion) can take a toll on the victim, causing him/her to seek counselling. Your cyber insurance policy must cover the consultation fees in such cases.
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Does The Protection Of Unauthorized Media Content Come Under The Purview Of Cyber Insurance?
With a rise in plagiarism every year, it is vital to have an insurance policy in place that provides coverage against the unauthorized use of your content. A good cyber insurance provider offers coverage against unauthorized broadcast or publication of your content.
Why Choose Finserv MARKETS For Cyber Insurance?
If you are looking for cyber insurance, you can buy this policy at Finserv MARKETS online for INR 781 only. In fact, choosing us for cyber insurance has several benefits, such as –
Hassle-Free Claim Process: Filing claims with us is straightforward. Just follow these steps, and you are done.
Register your claim at Finserv MARKETS online
Upload the requested documents
The insurer will assess your claim
Check claim status online
First and Only Providers: In an industry-first cyber liability cover, get protected against online-attacks, extortion, bullying and other such serious cyber risks
Affordable Premiums: You can buy cyber insurance at affordable rates online at Finserv MARKETS for only INR 781
Extensive Coverage: Get extensive coverage against malware attacks, cyberstalking, email spoofing and phishing, identity theft and many such cyber-related risks
Sum Insured: Get exclusive coverages ranging from 10 lakh to 1 crore and stay protected from financial loss resulting due to cyber-attacks
If you are browsing for mobiles or looking for laptops on our EMI Store, we recommend you should also buy a cyber insurance plan to keep your online data secure.
How to Apply For Cyber Insurance?
Seeking cyber insurance at Finserv MARKETS is simple. Just follow these three steps –
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Choose your coverage
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Fill the application form and complete the online payment
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The policy will be issued to you in no time
Claim Process for Cyber Insurance
Filing claims was never so simple. Just follow these steps and you’re done!
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1
Register your claim online
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2
Upload documents online
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3
Claim Assessment
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4
Claim Decision
- Process
- Download
- Emergency Contact
- Email Phishing/Spoofing
- IT Theft
- Malware Attack
- Other Cyber-related Claims
- Cancellation Process
Upon discovery, the insured must file an FIR with the police and submit the following documents to the insurer.
- FIR Copy.
- Copy of Legal Notice.
- Copy of Legal Notice received from any affected person/entity, etc.
Post submission of all documents and evidence of damage, the insurer will consult with forensic experts to determine the authenticity of the claim and corresponding liability.
Upon approval and trigger of coverage, the insurer will proceed to settle the claim.
Upon discovery, the insured must file an FIR with the police and submit the following documents to the insurer.
- FIR Copy.
- Copy of Legal Notice.
- Copy of Legal Notice received from any affected person/entity, etc.
Post submission of all documents and evidence of damage, the insurer will consult with forensic experts to determine the authenticity of the claim and corresponding liability.
Upon approval and trigger of coverage, the insurer will proceed to settle the claim.
Upon discovery, the insured must file an FIR with the police and submit the following documents to the insurer.
- FIR Copy.
- Copy of Legal Notice.
- Copy of Legal Notice received from any affected person/entity, etc.
Post submission of all documents and evidence of damage, the insurer will consult with forensic experts to determine the authenticity of the claim and corresponding liability.
Upon approval and trigger of coverage, the insurer will proceed to settle the claim.
Upon discovery, the insured must file an FIR with the police and submit the following documents to the insurer.
- FIR Copy.
- Copy of Legal Notice.
- Copy of Legal Notice received from any affected person/entity, etc
Post submission of all documents and evidence of damage, the insurer will consult with forensic experts to determine the authenticity of the claim and corresponding liability.
Upon approval and trigger of coverage, the insurer will proceed to settle the claim.
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Company Cancellation
The insurance provider may cancel your insurance policy providing a written notice 15-days prior to the date of cancellation. If no claim has been made, a refund of the premium for the unexpired policy period shall be provided on a pro-rata basis.
Your insurance policy will be cancelled for reasons such as non-disclosure of material facts, misrepresentation, fraud and non-cooperation.
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Customer Cancellation
As a customer, you may cancel your insurance policy by providing a written notice 15 days prior to cancellation date. If you've made no claims, the insurer will refund short-term rates for the unexpired policy period as per the rates detailed below.
Period of Risk Premium Refund Exceeding 15 days but less than 3 months 65.00% Exceeding 3 months but less than 6 months 45.00% Exceeding 6 months but less than 12 months 00.00%
- Cyber Claims Form
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Cyber Insurance Claim Form
Need further assistance? Reach out on the Toll-Free Number: 1800-209-5858 to speak to an insurance expert.
Reasons to buy Cyber Insurance
Why buy Cyber Insurance?
Most of us rely on the internet to do almost everything - from buying groceries to transferring funds. The fact that we share personal and financial information online renders us vulnerable to identity theft and the misuse of our personal data. Businesses, whether large or small, also run the risk of facing a data breach due to a steep rise in cybercrime incidents. In most cases, these incidents lead to loss of data and even financial loss in the event of its recovery process. You can cover yourself against these losses with a cyber-insurance policy.
A cyber insurance policy is an insurance cover that helps you deal with financial losses that you might incur due to various cyber malpractices like hacking, phishing, cyber extortion, identity theft, email spoofing etc. Cyber Insurance policy by Bajaj Allianz General Insurance covers cyber-attacks like email spoofing, phishing, malware, ID theft, data breach and much more.
CyberSecurity Insurance: An Overview
Cyber security is a set of techniques used to secure, the integrity of the internet connected systems like software, hardware, network, programs and data from attack, damage or unauthorized access. An effective cyber security plan has multiple layers of protection that ensures that your data and systems are protected against malpractices. There are several areas that are covered in cyber security like application security, information security, disaster recovery and network security.
Digital Insurance for Organisations
Protect yourself from the financial implications of cyber-attacks with Bajaj Allianz Individual Cyber Safe Insurance policy available on Bajaj Finserv MARKETS. Get optimum protection with high sum insured of up to Rs. 1 Crore at affordable premiums, and coverage against cyber threats like Phishing, ID Theft, Malware Attacks etc. with our digital insurance plan.
Manage all your Cyber Insurance queries here
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✔️Who can buy cyber-safe insurance policy?
Any individual who is above 18 years of age can buy cyber insurance.
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✔️What is the policy period for this cyber insurance?
Cyber safe insurance or digital insurance is an annually issued policy.
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✔️What are the plans available under this cyber insurance policy?
Plans under the cyber insurance policy start from Rs. 10 Lakh and go up to Rs. 1 Crore.
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✔️What is Cyber extortion?
Cyber extortion can simply be understood as “blackmail”, in case of a major threat to the cyber security of an individual/organization. It is a form of payment that is asked in return (as ransom) to stop or prevent a cyber-attack on an individual/organization’s network, website and/or computer systems. To ensure your cyber security is up to the mark against such threats, it is important to have cyber insurance.
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✔️What is Cyberstalking?
It is a form of cyber-crime where technology (digital/electronic) is used to harass or stalk an individual or an organization. The harassment/stalking can be carried out on different platforms like social media, instant messaging, websites, online community portals, emails, etc. In this form of cyber security threat, the offender/group of offenders might also harass the victim offline in certain cases. Your cyber security is hence, incomplete without a digital insurance.
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✔️What is E-mail Spoofing?
E-mail spoofing is a form of email fabrication, wherein the sender (who bears an ill intent) alters the header and email address of origin. This is done so that the recipient can be tricked into believing that the email has been sent from a legitimate/trusted source. The email spoofer usually tries to appear as if, belonging to a bank, some form of legitimate company on the internet, a newspaper and sometimes, even a private citizen. It is one of the oldest and most common forms of cyber security threat. Having a cyber insurance adds an additional layer to your cyber security.
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✔️What is E-mail Phishing?
When any legitimate or trustworthy entity is impersonated in any form of electronic communication with the malicious intent of obtaining sensitive user data for misuse. The data could comprise of user names, passwords, credit/debit card details and the pin, banking/account information, etc. The information thus obtained can be used for carrying out fraudulent transactions resulting in identity theft and even financial loss.
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✔️What is the claim process of this cyber insurance plan?
To register your claim on the phone, please dial our toll-free number: 1800-209-5858. Upon discovery, you need to give a written notice to our partner, Bajaj Allianz General Insurance within 7 days of an incident, but in any event not later than 14 days after the end of the Period of Insurance or Discovery Period.
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✔️What is covered under this cyber insurance policy?
The details of this cyber insurance policy coverages are as follows: 1) Identity theft cover. 2) Social media cover. 3) Cyber stalking. 4) IT theft loss cover. 5) Malware cover. 6) Phishing cover. 7) E-mail spoofing. 8) Media liability claims cover. 9) Cyber extortion cover. 10) Privacy breach and data breach by third party.
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✔️Why should I buy a cyber insurance policy?
With significant increase in internet penetration, social media and digital banking transactions, you are unknowingly exposed to various cyber-attacks. These can range from misuse of your financial information to data theft, cyber stalking etc. We understand such new-age cyber risk factors and their impact. Individual cyber safe insurance policy ensures that you get optimum protection against potential cyber-crimes and risks.
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✔️What are the additional benefits of buying a cyber insurance policy?
The additional benefits of buying a cyber-security plan are: 1) Counselling services 2) All reasonable fees, costs and expenses of an accredited psychiatrist, psychologist or counsellor chosen by you, to take treatment for stress, anxiety or similar medical conditions that arise due to any of the above. 3) IT consultant services cover. 4) IT consultant costs incurred by you to prove the amount and the extent of a covered loss.
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✔️What are the exclusions in cyber insurance policy?
Below are the major exclusions of the cyber insurance policy: 1) Dishonest and improper conduct. 2) Bodily injury. 3) Property damage. 4) Unsolicited communication. 5) Unauthorized collection of data 6) Immoral/obscene services.
