Online fraud gained momentum during the Coronavirus period. So, if someone is cheated online, can it be covered under any insurance plan?
Cyber insurance covers damages caused by virus attacks on your gadgets like laptops, tablets or computers.
IRDAI had assigned a working group to assess bringing standardisation of cyber liability insurance policy.
Irdai has set out guidelines to help structure insurance products offering safety against cyber frauds and losses of different kinds.
In case of a claim, the insurer is entitled to participate in the defence and at the negotiation stage of any settlement.
Realising the need for protecting online activities, the insurance regulator has charted out a model cyber insurance policy for individuals.
Social media liability insurance policy protects you from identity theft, cyber stalking , phising, e-mail spoofing, cyber extortion, etc.
The cyber insurance cover protects the policyholder from risks of getting exposed to cyber-attacks such as email spoofing, IT theft, etc.
Cases of cyber frauds have increased considerably during the Covid-19 pandemic as digital payments and social media engagement rose magnanimously
In the long term, the transition to virtual workspaces resulting from COVID 19 may increase the demand for cyber insurance, IRDAI Executive Director S