For the first time, individuals can buy
cyber insurance to secure themselves from various cyber threats with Indian insurance companies gearing up to provide protection against a wide range of cybercrimes including identity theft, loss of funds due to online fraud, cyberstalking, phishing, extortion, and malware attack among others.
While there were customized cyber liability covers available for businesses for many years, these were not over-the-counter insurance products that could be purchased by the individuals. Hence, many insurers like ICICI Lombard are ready to introduce Cyber Safe Policies that are designed at improving the level of comfort among individual internet and e-commerce users.
In addition to the financial loss, the cybersecurity cover will compensate the cost of legal defense if a hacker accesses the credentials of a policyholder and puts out controversial comments in social media. Besides defending the insured, it’ll also provide legal costs for proceeding against the wrong-doer in such cases.
The move is widely regarded as a positive development, considering the fact that about 49% of the population in India that uses the Internet is affected by cybercrimes in one form or another. A report by Norton Cyber Security Insights also revealed that a cybercrime takes place in every 10 minutes in the country.
*Source: The Economic Times
Also Read:
IRDAI to Encourage Innovation in Insurance, Sets Up Committee
PoS Okayed for Distribution of All Micro-Insurance Products