Rarely known but gaining shape, is the new mode of insurance protection. Who would have thought of cyber insurance? We all use internet daily taking most of our time, research shows that the world has really evolved technologically. A good number is using internet for shopping, communication and all their daily chores.
Insuring our internet is the next big thing it can be counted as a cyber-security. Cyber frauds have mushroom fast making companies, corporates and individuals feel at risk. Data and important folders are at the jeopardy of getting to the hands of attackers. However the introduction of the insurance policy will come in handy to all. Basically the information has been embraced by companies and business who are at the high risk. Personal insuring is yet to gain a good number but still getting word known.
Notably we have two different case to insure: cyber risk and cyber computer crime. The insurances are different with different terms.
Cyber Crime: This basically happens when the fraudsters transfer money or access funds using different methods. Here money is involved and an insurance policy should be established specifically for fund and computer crime. Companies handling customers money like banks and cooperates should take up this policy.
Cyber Risk: The policy stands in to protect fraud against stolen information and credentials. The information includes credit card numbers, email addresses and health records. Healthcare sector will be well suited by this kind of policy. It also helps and protect you from third-party lawsuits. Losing information might be traumatizing and one needs such policy to feel secure.
Countries like India have high number of cybercrimes and really affecting the country’s technology. Citizens and companies at large have sort to take insurance policies for extra protection. Indian citizen will get insurance for phishing, malware and other online frauds. This gets the backing of the Bajaj Allianz General insurance (BAGI). Giving the best of insurance protection in the country, the HDFC bank also is selling the policy to interested persons or corporates.
The MD and CEO of the BAGI Company tries to bring sense of why insuring your information is important. Mr. Tapan Singhel says in the past pick pocketing was the biggest threat. Today cybercrime is the chief problem in the country and the world. People require securing since everything is digital and one needs protection for all kind of data.
The insurance offers premiums from 1lakh to RS 1 core. This information still awaits more clarity, they go further to say the cover is not device specif. All transfers will be considered no matter the device. The insurance company is working to improve the service and ensure safety to all its clients. This ranking insurance companies at the top and growing rapidly in India.
The policies will curb the act of attacks as the hackers will have less access to your information. The policy is also very affordable and doesn’t not discriminate from individual to company. Thus making the digital world more fun and safe for all users.