First of its kind, cybercrime insurance cover can be bought by individuals, including loss of funds to online fraud, identity theft, cyberstalking and extortion, phishing and malware attack.
Customised cyber liability cover for businesses has been around for years, but these were not over-the-counter covers that could be bought by individuals. The Cyber Safe policy designed by Bajaj Allianz General Insurance is aimed at improving the level of comfort among individual internet and ecommerce users.
“This cover is the first of its kind 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,” said Tapan Singhel, MD & CEO of the firm.
“In today’s digital world, the amount of personal data being generated, transmitted, and stored on to various digital devices is growing. 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,” said Singhel.