Worried about cyberstalking, social media liability or cyber-extortion? Here is a cyber-protection product for individuals, which provides coverage for people who fall victim to threats such as cyber-attacks, cyber extortion and cyberbullying.
Bajaj Allianz General Insurance today launched Individual Cyber Safe policy for individuals covering people against financial loss, defence cost, prosecution cost, IT theft loss, restoration cost.
“Cyber insurance is absolutely new in India. Fundamentally, cyber threats has been steadily increasing and the cost attached to breaches and cyber attacks have also gone up tremendous,” says Sasikumar Adidamu, Bajaj Allianz General Insurance’s Chief Technical Officer –Non Motor.
Partnerships of Symantec and F-Secure with insurance companies show that they are willing to take-up co-liability and co-ownership in event of cyber attacks. So IT firms and tech vendors should also take up some onus and not just point fingers at CIOs or CISOs.
Note : Baja Allianz planed to
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In a first cyber cover for individuals, Bajaj Allianz General Insurance has launched Individual Cyber Safe policy. The policy provides coverage for people who fall victim to threats such as cyber-attacks, cyber extortion and cyberbullying. And cover against financial loss, defence cost, prosecution cost, IT theft loss, restoration cost, due to identity theft, malware attack.
Anyone above 18 years of age can buy this policy for a cover ranging from Rs 1 lakh to Rs 1 crore.
Any financial loss resulting from email spoofing and phishing, losses and expenses related to defence will also be taken care of by the policy. The policyholder will also have cover for prosecution cost related to identity theft, IT theft loss, restoration cost to retrieve or reinstall Data or Computer Program damaged by the entry of the Malware.
The policyholders can also claim for expenses incurred on counselling services treatment, claim for damages against third-party for privacy breach and data breach, cyber extortion loss and transportation for attending court summons.
Announcing the launch, Tapan Singhel MD and CEO Bajaj Allianz, said "In an increasingly connected digital world, the amount of personal data being generated, transmitted, and stored on to various digital devices is growing at an exponential rate.
"The critical nature of this data and the complexity of the systems that support its transmission and use, have created a gamut of cyber risks," he added