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CYBER THREAT – THE BIGGEST THREAT INSURE YOUR RISK OF CYBER LOSS
Digital age, Information age, computer age or new media age is a 21st century period characterized by the rapid shift from traditional industry to an economy based on information technology. Yes, we are living in this age where everything is digitized. Everyday we use credit card, debit card, internet banking and digital wallet protected by passwords and PINs, misuse of this information by hacker can lead to huge financial loss.
Now we have insurance for risk of cyber crime, it’s cyber insurance. Cyber insurance covers individual and business from loss or damage to data due to identity theft, malware attack, phishing, e-mail spoofing, privacy and data breach etc. Various cyber insurance providers are Bajaj Allianz, HDFC Agro and Tata AIG.
BAJAJ ALLIANZ – INDIVIDUAL CYBER SAFE INSURANCE POLICY
Coverage under the Individual Cyber Safe Policy
- Identity theft
- Social media liability
- Cyber stalking
- Malware attack
- IT theft loss
- Email spoofing
- Media liability claims
- Cyber extortion
- Privacy & data breach by third party
BENEFITS OF CYBER INSURANCE POLICY
All reasonable fees, costs and expenses of an accredited psychiatrist, psychologist or counsellor chosen by the person, to take treatment for stress, anxiety or such similar medical conditions resulting from any of the above.
IT consultant costs incurred to prove the amount and the extent of a covered loss.
EXCLUSIONS FROM CYBER INSURANCE POLICY
- Dishonest and improper conduct
- Bodily injured / Property damage
- Unsolicited communication
- Unauthorized collection of data
- Immortal / Obscene services
Frequently Asked Questions
- Who can buy this policy?
- An individual above 18 years of age can buy this policy.
- What is the policy period?
- This is an annual policy
- What are the plans available under the policy?
- Plans under the policy starts from INR 1 Lac to INR 100 Lacs
HDFC ERGO – Cyber Security
Cyber security by HDFC ERGO is designed to protect commercial businesses against a wide range of first and third party liability occurring out of cyber exposures associated with e-business, internet, networks and information assets.
COVERAGE OF CYBER SECURITY
- First Party Liability
- E-theft loss as a consequence of having transferred funds or property
- E-threat loss, including the cost of a professional negotiator and any payment made or any fund or property surrender intended as an extortion payment
- E-vandalism loss, even when caused by employee
- Third party liability
- Disclosure liability, resulting in unauthorized access to private information on the internet.
- Reputational Liability – defamation and invasion of privacy
- Impaired Access liability, claims due to system security failures resulting in systems being unavailable to customers.
BENEFITS OF CYBER SECURITY
- Combined benefit of third party and first party coverage
- No exclusions for fraudulent acts by employee
- disclosure liability coverage extends to outsource data processing and data storage devices
- Privacy notification expenses coverage is triggered without a requirement for a claim or a regulatory requirement mandating the notification
- Covers cyber hacking and cyber attack incidents
EXCLUSIONS FROM CYBER SECURITY
Claims arising out of or resulting from any of the following
- Fraudulent act or wilful violation of any such law, regulation by an insured
- Bodily injured, sickness, disease, death of any person or damage to any tangible property
- Mechanical failure, electric disturbance, media failure or breakdown or any malfunction
TATA AIG PERSONAL IDENTITY PROTECTION
COVERAGE OF PERSONAL IDENTITY PROTECTION
- Cover against loss or liability that may arise due to misuse of your identity or payment cards
- ATM Assault and Robbery cover
- Lost wallet cover
- Legal expense
BENEFITS OF PERSONAL IDENTITY PROTECTION
- Identity theft cover
- Expenses resulting from efforts to resolve the identity theft
- Expenses that get covered are reasonable legal expenses, lost wages
- Fraudulent charges covered
- Unauthorised charges made on credit / debit card
- Card protection up to 12 hours prior to loss reporting
- ATM assault & robbery cover
- Money withdrawn from ATM you may lose due to a robbery, shortly (within 15 minutes) after the ATM withdrawal
- Emergency first aid expenses, if injured during the robbery
- Lost wallet cover
- cost of replacing a lost or stolen wallet
- cost of replacing personal papers and payment cards in the lost or stolen wallet.
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