BENGALURU: Cashing in on the Covid-19 crisis and the subsequent lockdown that has forced companies and individuals to work from home, insurance companies have rolled out a host of plans to cover victims of cyber attacks. From someone accessing your emails remotely, malware attack or fraudulent transactions, the policies provided by insurers have become all the more mandatory as individuals and businesses become heavily reliant on digital technologies.
“Post the lockdown more and more individuals are using digital means to process payments. With social distancing the exchange of physical money has reduced even further as online methods of payment are taking on a much larger role. This leads to an increased cyber threat exposure, especially to new users, the elderly or less tech savvy,” explained TA Ramalingam, chief technical officer, Bajaj Allianz General Insurance.
He added that a major challenge is that people are not aware that a cyber cover for individuals exists which can act as a tool to mitigate and reduce losses from cyber-attacks. We are hoping that more people become aware about this insurance as it is a well-rounded product for the protection of individuals against cyber risks,” Ramalingam said.
Currently, Bajaj Allianz and HDFC ERGO are the two key players which are providing cyber insurance covers for various incidents including identity theft , social media cover, cyber stalking, malware attack, phishing and data and privacy breach by third-party cover. The loss of an individual’s finances, reputation, damage to mental health are also taken cognizance of.
So far, in India, only corporates and financial institutions have opted for cyber insurance cover, however, with increased digital payments and remote work models, the individuals may also opt for such polices. “The sum Insured for the cover ranges from `1 lakh to `1 crore. The premium for this policy is quite affordable and ranges between `662 and `8,933 (excluding GST),” Ramalingam told this publication.