For the first time now people will also be able to purchase insurance cover for losses due to online fraud, identity theft (theft of personal details), cyberstocking, extortion, fishing and malware attacks. However, these insurance cover could not be bought by individuals. But now the insurance company Bajaj Allianz General Insurance has designed cyber safety policy. The purpose of this policy is to increase the comfort level between individual internet and e-commerce users. Tapan Singhal, managing director and CEO of the company, said, "This is the first cover of its kind, which is designed according to the changing risk profile of the consumer. A few years ago, cutting your pockets was the biggest risk. But today's cyber crime has become a bigger risk." Sum insured can be taken between 1 lakh and 1 crore in this policy. However, the company has not disclosed the premium. According to the officers, the premium will depend on the amount of time someone will spend on the internet.
This cover is not special. It will also cover the transactions from devices used in Family Devices or workplaces. This policy will cover the cost of legal defense in addition to financial loss. The Indian Cyber Insurance Market is about Rs 30 crore. Institutions currently buy cyber insurance in this industry. Many credit card issuers have also provided their cardholders insurance cover against online fraud.
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