Personal cyber insurance is a financial plan that offers protection to individuals from the losses or damages incurred by cyber frauds or data breaches. It includes losses due to unauthorized disclosure of sensitive or personal information, identity theft, ransomware, cyberstalking, network damages, etc., thereby providing you with peace of mind while you go about your day using the internet.
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Pick any news piece revolving around cyber fraud, and you will see it talk about affected people of all age groups and educational backgrounds. From tech savvy professionals to the old generation which is new to digitalisation, cyber attackers have found different ways to scam people.
This implies anyone and everyone who is using the internet on any device at any time is prone to the risk of a cyber attack. Hence, cyber insurance is for ALL!!
Irrespective of your age and background, it is a great financial tool to protect yourself from new-age online fraud. Personal cyber insurance can be especially helpful for safeguarding teenagers and old-age people who are relatively new to the digital world and have recently started making UPI transactions, online shopping, e-banking, social media surfing, etc. a part of their lives.
The above infographic clearly illustrates the need to be aware of various cyber risks in India and the role of tools like cyber insurance to mitigate their effects. Let us look at more data points that highlight why it is important to buy cyber insurance in today's time:
It can be a major concern if people are unaware of such frauds or do not have personal cyber insurance, which can help them financially if they fall prey to them.
It is to be noted that some insurance providers offer personal cyber insurance as an add-on with other insurances, but keeping in mind the digitalisation that has happened over the recent years, this insurance is now becoming a must for people who use the internet for their day-to-day operations.
It is important to know what a personal cyber insurance policy covers or excludes.
Here are the cases that are covered in personal cyber insurance:
Disclaimer: Please note, inclusions and exclusions vary by policy. Read the terms carefully.
Ever received an email claiming you have won a jackpot? Or got a call from an unknown number asking for the OTP? You must have also heard of the rising cases where someone impersonates a police officer and alarms you about your involvement in serious crimes. All these are examples of different types of Cyber Fraud. These are online scams whose network is expanding rapidly in today's age of digitalisation.
The most common types of cyber crimes in India include: Theft of Funds, Identity Thefts, Fraudulent Online Sales, Social Media Frauds, Malware, Phishing Attacks, Digital Arrest, Cyber Bullying, Network Security, Cyber Extortion, and more.
It is one of the most common types of cyber crimes wherein scammers indulge in unauthorised transfer of money, assets, or any other funds. They get access to your bank accounts, debit or credit cards, or digital wallets through hacking, phishing, pharming, and malware attacks.
It is a cyber fraud that arises when a third party steals or misuses your personal information, legal documents (like Adhaar or PAN card), or financial information on the internet. Cyber attackers take your identity to commit fraud.
It is one of the most common social engineering attacks where attackers send spoofed emails or fraudulent texts/calls pretending to be a trusted entity or person to extract personal and sensitive information. They may trick you into taking some actions like downloading an image, clicking a link, or filling out a form, ultimately resulting in downloading malware or exposing you to a cyber attack.
Ever ordered something from an online store which never reached you? Well, this is a classic example of fraudulent online sales. Scammers create fake websites to deceive customers into paying for online services or products that do not exist. They often create legit-appearing websites and social handles to deceive their targets into making payments or giving out personal or financial information.
It is one of the most recent and trending cyber frauds that is around the corner. It usually involves scammers impersonating as government or law enforcement officials falsely accusing the victim of involvement in illegal activities and serious crimes. They are threatened with severe consequences or imprisonment. This is usually done to create a sense of panic and fear, ultimately tricking the victim to give sensitive personal or financial information or pay a large amount of money.
When choosing a personal cyber insurance, you must consider the following factors:
Here is a closer look at the benefits of personal cyber insurance:
Follow the below steps to buy personal cyber insurance online through Policybazaar.com:
Here is a step-by-step process to file a claim for personal cyber insurance:
Ans: Personal cyber insurance is important for everyone in this age of digitalisation. It is a financial tool to protect yourself and your family from the losses caused by cyber incidents like identity theft, data breaches, ransomware, digital arrest, cyberbullying, etc.
Ans: Everyone who uses the internet on any device is prone to cyber attacks and should purchase cyber insurance. It is especially important for people who engage in high-value transactions, deal with sensitive data, or are new to the online space. Even highly educated, tech savvy people are equally vulnerable to cyber risks.
Ans: Yes, personal cyber insurance is available in India. Many leading insurance companies, like Bajaj Alliance, HDFC Ergo, SBI General, etc., have rolled out personal cyber insurance plans. You can simultaneously view these plans at Policybazaar for easy and efficient comparison.
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