Cyber Security

Introducing Industry-first

Cyber Insurance Plan

Industry-First Cyber Liability Cover | Affordable Premiums | ID Theft Coverage

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What is 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 such data. Businesses, whether large or small, also run the risk of facing a data breach due to a steep rise in cyber crime. Cyber Insurance by Bajaj Allianz General Insurance covers cyber-attacks like email spoofing, phishing, malware, ID theft, data breach and much more.

What's covered in Cyber Insurance?

If you are a smartphone or desktop/laptop user and value your privacy, then cyber insurance is an absolute must for you.

  • Identity Theft Coverage

    Individuals filing for identity theft due to unauthorized access, alteration and/or deletion of personal data can claim coverage for costs related to prosecution, photocopying of documents and transportation to and from court hearings.

  • Media Liability

    In the event of non-consensual publishing or broadcasting of your content, Cyber risk Insurance covers prosecution-related costs.

  • Protection Against Cyber Stalking

    Personal cyber insurance covers prosecution costs to help deal with the aftermath of cyber stalking.

  • Malware Related Coverage

    Malware attacks including restoration costs, expenses related to photocopying of documents and transportation costs in the event of a legal issue are included in your cyber insurance policy.

  • IT Theft Coverage

    Cyber insurance covers financial losses arising out of cyber theft and costs incurred for prosecuting a third party responsible for IT theft.

  • Phishing

    Stay protected from attempts that could lead to leakage of sensitive information like credit card details, usernames & passwords and other such frauds attempted. We cover all the above, including costs related to the prosecution of a third party involved in such phishing attacks.

  • Email Spoofing

    If you are a victim of email spoofing and plan on prosecuting the culprit, cyber security insurance covers all the prosecutions costs involved.

  • Cyber Extortion Coverage

    We have you covered in case your personal, financial or business-related data is being compromised on or if you have received threats that could lead to extortion.

  • Third-Party Data Breach

    Should your data be accessed by and/or shared by a third party without your authorization, cyber security insurance covers any losses arising out of the same.

Exclusions in Cyber Insurance

  • Bodily Injury

    Actual or alleged bodily injury, emotional distress, mental anguish, disease or death, howsoever caused.

  • Unsolicited Communication

    Any correspondence or distribution of unsolicited correspondence (either electronic or physical) - be it audio or visual recordings, telephone marketing or wiretapping.

  • Unauthorized Data Collection

    Unauthorized/unlawful collection of client information or personal data.

  • Obscene/Immoral Services

    Services availed by the insured which are classified as pornographic, extremists, immoral or racist.

  • Religious or Political Activity

    Losses that arise out of political, commercial or union-related activities that are an outcome of a religious activity /function/office or membership in any association/club that is salaried.

  • Power Outages

    Losses that are a direct/indirect outcome of a power outage or faults in external networks (cable telecommunications, internet cables). Licensing fees, whether actual or alleged/ royalty payments.

  • Property Damage

    Any damage or destruction of property or any loss due to damage.

Reasons to buy Cyber Insurance

  • Increase in Online Banking Fraud

    As per studies, stealing funds from individuals was a thriving 230-crore business between 2013 - 2016 and it continues to increase. Cyber insurance keeps you worry-free from such attacks.

  • IT Theft Loss

    WannaCry Ransomware attack of May 2017 infected and crippled more than 2 lakh computers across 150 countries. Also, a Moscow-based study reveals that India is one of the worst-hit countries when it comes to malware attacks with over 48,000 systems in the country infected. This makes cyber crime insurance policies in India a must.

  • Risk of Phishing Mailers

    This is the most popular method used by cyber criminals to fool unsuspecting individuals into divulging important personal and financial details, only to be later used against them. Cyber insurance helps you be secure against pages or emails that look authentic but in reality, are extremely dangerous.

  • Protection Against Cyber Extortion

    Globally, out of 100 cyber victims, around 34 end up paying a ransom amount. Cyber criminals access personal information and use it against the individual to extort money. A good individual cyber insurance policy helps deal with the aftermath of cyber extortion.

  • Organized Cyber Crime

    Organized cyber crime statistics reveal, one in three people are affected each year due to hacker-attacks that occur every 39 seconds. Safeguarding yourself, your personal and financial data is extremely important and that's where cyber security insurance comes into the picture.

Why choose Finserv Markets For Cyber Insurance

First & Only Provider

In an industry-first cyber liability cover, get protected against online-attacks, extortion, bullying and other such serious cyber risks.

Affordable Premiums

Minimize your online risk exposure with affordable cyber insurance plans offered by Bajaj Allianz General Insurance.

Trusted companion

100 million+ happy customers across India have chosen Finserv Markets as their trusted financial partner. It's your time now!

Extensive Coverage

Get extensive coverage against malware attacks, cyber stalking, 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.

Key things to consider while buying Cyber Insurance

  • 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.

  • 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. It is important that your cyber insurance policy covers the consultation fees in such cases. A comprehensive cyber insurance plan covers fees for consultation with psychiatrists, psychologists or counselors to help the victim deal with anxiety or medical conditions that are a direct result of cyber crime.

  • Does the protection of unauthorized media content come under the purview of cyber insurance?

    With a rise in plagiarism every year, it is important 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.

How To Apply For Cyber Insurance?

No rocket science here! Follow 3 simple steps and you’re done

  • Choose your coverage

  • Fill form and complete payment

  • Policy issued

Claim Process for Cyber Insurance

Filing claims was never so simple. Just follow these steps and you’re done!

  • 1

    Register your claim online

  • 2

    Upload documents online

  • 3

    Claim Assessment

  • 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.

  • 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.

  • 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
  • Cyber Insurance Claim Form
  • Missed Connection Claim Procedure to Insured
  • Trip Cancellation Claim Procedure to Insured
  • Trip Curtailment Claim Procedure to Insured
  • Claim Settlement Form/National Electronic Funds Transfer (NEFT) Form

Need further assistance? Reach out on the Toll-Free Number: 1800-209-5858 to speak to an insurance expert.

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. 

 

Cyber Security: 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. 

 

Manage all your queries about Cyber Insurance here

  • Who can buy cyber-safe insurance policy?

    Any individual who is above 18 years of age can buy cyber insurance.

  • What is the policy period for this cyber insurance?

    Cyber safe insurance or digital insurance is an annually issued policy.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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