With growing technology, the rate of cybercrime has also increased double folds in India. The pandemic is also one big reason for the growing online presence of businesses as we were all living and surviving in a virtual world for close to two years. From important online transactions, data transfers/ sharing, to even online studies everything is available virtually and has become too convenient.
While the cyber world is full of advantages, there is a negative side to it too. More and more thefts have started to happen, and people are getting robbed of hard-earned money.
More and more people are becoming self-aware and opting for secure options for safety. These days a lot of insurance companies have started Cyber insurance schemes that covers majority of the frauds that happen in online space. Cyber insurance type of cover provides a shield to people doing online business and others from many different kinds of malpractices like cyber-attacks, phishing, identification frauds, and social media breach, etc.
Post covid times there is a further hike in cyber frauds. Due to this more and more netizens are going for these insurance policies that covers them against any kind of online losses. Lot of brand and banks have done awareness campaigns around online frauds to make consumers aware of the new kind of scams they should be careful of.
Basis th data available with he Reserve Bank of India (RBI), digital payments in the last two years increased by many digits.
Cyber insurance policy is a need of the hour that can provide security to different kind of internet users and save them from thefts and losses.
Below are the type of cyber insurances available in the market :
- First Party Expenses
- Regulatory Investigation Cover
- Crisis Management Expenses
- Privacy and Data Liability Claims:
