Handle cyber crime with insurance

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Sometimes you receive a message that you have just 24 hours to claim cxredit card reward points, sometimes you are asked to click on an email link for filing ITR refund. And sometimes you get calls related to your KYC. If you respond to these types of calls and messages by mistake or share your information, then you’re in trouble. The threat of cyber fraud is always looming over you. Cyber thugs  constantly update themselves and adopt new ways of commiting  fraud. But, Cybersecurity insurance can help you deal with such type of threat and risks.

Why is  Cybersecurity insurance necessary?

This is a necessary because in cases of cyber fraud, you lose money within minutes. The chances of getting the money back are almost nil. Cyber insurance reduces the financial risk you face from such frauds. Unauthorised digital transactions, identity theft and online theft are covered in cyber insurance policy.

The corporate sector has had cyber insurance policies for quite some time. Now even common people also take it. Insurance companies are providing cyber insurance cover from 10 thousand rupees to 1 crore rupees. Talking about the premium, cyber insurance can be taken from 500 rupees to 8,500 rupees premium. We tell you about the features of three such plans.

1. First, let’s talk about HDFC Ergo’s Cyber Sachet Insurance which offers three options – Student Plan, Family Plan and Working Professional Plan.

The Working Professional Plan covers damages like Cyber Bullying, Cyber Stalking, Loss Of Reputation, Data Restoration/ Malware Decontamination, Identity Theft, Replacement Of Hardware, Social Media And Media Liability.

You can get a cover of 50,000 rupees on an annual premium of 817 rupees. On an annual premium of 984 rupees you can get a cover for a cover of 1 lakh rupees. And, on a premium of 1,094 rupees, you can get  sum insured of 1.5 lakh rupees.

HDFC Ergo’s student plan gives a cover of 25,000 rupees for an annual premium of 474 rupees. At annual premium of 570 rupees, the sum insured will be 50,000 rupees. And for 687 rupees, you can get a cover of 1 lakh rupees.

2. Bajaj Allianz Individual Cyber Safe Insurance Policy

Bajaj Allianz’s Individual Cyber Safe Insurance Policy covers risks like Identity theft, Cyber stalking, Malware attack, Phishing, Cyber extortion and Email spoofing. With an annual premium ranging from 662 rupees to 8,933 rupees, you can get a sum insured from 1 lakh rupees to 1 crore rupees.

3.SBI General Cyber VaultEdge

SBI General Cyber VaultEdge policy includes coverage against stuffs like theft of money, Identity Theft, Cyber Bullying, Online shopping, Privacy Breach, and Data Breach by a third party. Both individual and family plans are available. In individual plans, premium range starts from 57 rupees to 2,147 rupees.  The sum insured is from 10,000 rupees to 1 crore rupees. In the family plan, the premium starts from 64 rupees and goes up to 2,470 rupees. The sum insured is from 10,000 rupees to 1 crore rupees.

How can you buy this insurance policy?

If you want to buy cyber security online, then, you can buy it from the insurance company’s site or from an insurance aggregator. If you want to buy offline, you can buy it from the insurance company’s office or from an insurance agent. But, make sure that you compare the features of the policy, premiums and sum insured of two to three companies.