As instances of cyber attacks increase all over the world, corporations as well as individuals are now more vulnerable than ever before. In what is a first for India, leading insurance firm Bajaj Allianz would provide cover for individual victims of cyber crime. These crimes could be in the form of online fraud, identity theft, cyber-stalking and extortion, phishing and malware attack, and individuals can shop for an over-the-counter insurance cover as per the the new Cyber Safe policy designed by Bajaj Allianz, ToI reported.
This is an attempt to increase customer comfort when they transact on e-commerce sites or payments apps and share confidential financial details. As more data is shared (sometimes stored) across devices and platforms, the risks are higher too. “This cover is designed keeping in mind the changing risk profile of the consumer. A couple of decades ago the biggest risk was having your pocket picked. In this day and age covers against pickpockets do not help when the bigger risk is of cybercrime,” Tapan Singhel, MD & CEO of Bajaj Allianz was quoted as saying. ALSO READ: India has become key target for cybercrime after demonetization: F-Secure report
While in the past several credit card companies have offered cover against online fraud to cardholders, it was only available for corporate houses to buy it. This is the first time that such an insurance cover is available for individuals. Customers can avail the insurance policy for a sum insured ranging between Rs 1 lakh and Rs 1 crore. Their insurance premium would depend on the number of hours they spend online. Higher the time spent, greater the risk. In the case of the policyholder having to pursue legal action in cases of cyber-stalking and harassment on social media, Bajaj Allianz would cover all the costs. ALSO READ: One cyber crime takes place every 10 minutes in NCR: Experts
Interestingly, while all personal and work devices fall under the insurance policy, risks obtained by working out of cybercafes would not be covered, states the company. And in case the hacker gains access to a policyholder’s financial credentials, all costs of legal defense would be covered under the new policy. This is an encouraging development in a country which is one of the most vulnerable to cyber attacks. The Q1 2017 State of the Internet Security report by Akamai Technologies reveals that India ranks second in the list of Global Web Application Attack Source Countries in the Asia Pacific region. And globally, India ranks 12 with close to 6.7 million attacks recorded last year.