Fraudulent transactions on credit cards, debit cards, theft of personal information and other online frauds are on the rise. For those looking to purchase a cyber threat insurance policy, SBI General Insurance has launched the Cyber VaultEdge Insurance Plan, a comprehensive cyber insurance coverage for individuals that provides protection against financial loss resulting from cyber risks and threats. attacks.
People exposed to any form of cyber risk can purchase this policy for themselves and their families. The family includes oneself, one’s spouse and 2 dependent children (up to 18 years old).
Some of the major inclusions of the policy include theft of funds, identity theft, cyberbullying, cyberstalking and loss of reputation, cyber shopping, online shopping, social media and media liability, liability for network security, privacy breach and data breach liability, Smart Home Cover among others.
One of the major benefits of buying the cyber insurance policy is the protection against cyber risks. The policy bears the costs and legal expenses incurred in pursuing or defending a legal claim against/by a third party. In addition, the policy reimburses expenses incurred for the services of a computer specialist or to restore data.
The pandemic has led to a significant increase in the adoption of digital infrastructure across all services. Individuals have been forced to adopt the work-from-home (WFH) model and various digital methods of operation for most services, including payments.
According to CERT-In, cybersecurity incidents jumped to Rs. 14.02 lakh in 2021 from Rs. 2.08 lakh in 2018, meanwhile, losses from cybercrime, debit card fraud /debit card, credit card and internet banking fraud were estimated at Rs. 63.4 crore in 2020-21, according to data released by private and public banks.
The policy addresses the heightened risks individuals face due to cybercrime and instances of reputational damage, fraudulent transactions with credit cards, debit cards, theft of personal information, and more. With the increase in digitization and online transactions, online security has become all the more important. Using the Internet has certainly made our lives easier, but it has also increased the risk of cyberattacks. With a cyber insurance policy, you can protect yourself against financial losses resulting from cyber risks.