Mon 17 Sep 2018 00:00:00 UTC
The news in recent times has become dominated by a form of attack that is new to our times: Digital(or cyber) attacks. Cybersecurity is something that was something only businesses worried about before; they had a wealth of data and a lot more money, so they were targeted. However, nowadays, most banking/investment transactions are done online, your entire identity is linked to aadhar, which can be accessed digitally, and online services and social media are everywhere.
This prominence which online services and social media have in our lives has led individuals to worry: Is my information, my identity and my money really safe?
One estimate puts the rate of cybercrime in India as 1 every 10 minutes. There have been 30,000 reported cases in the past 6 months alone in india. India adds 100 million(10 crore) new internet users every year, and by 2021, around 700 million users are predicted to have internet access in some form or other.
The government is also bringing its services online, and pushing for the integration of UIDAI(aadhar) into every service, as an easy KYC norm. Services such as utilities bill payments, taxes etc are already available online, and their utilisation is also predicted to increase.
This increased activity places Indians at increased risk of being targeted by hackers/scammers etc.
India is the second largest online market, and the need for security against cyber crime is only going to increase exponentially.
This is where retail cyber insurance comes in. It offers an individual (and, optionally, their family) cover against hacking of bank accounts/investment accounts, identity theft, email scams/fraud, and also cover from the psychological and sociological harm caused by online harassment and bullying.
There are very few insurers who offer retail cyber insurance today. This article talks about HDFC Ergo's product, but mostly the benefits are common across all the products. You can buy retail cyber insurance online here. The cover is a fairly recent release, and provides the following benefits:
The policy will protect you from any unauthorised online transactions made from your accounts/cards. The insurer will:
* Indemnify you for the unauthorized online transaction * Reimburse your expenses to resolve the breach with the banks * Reimburse your unpaid leave to take time off work(if any) to rectify credit records
This benefit protects you from cases where someone has stolen your identity to use for financial purposes.
The policy pays expenses for
* rectifying credit records with bank or the authorities * unpaid leave to take time off work * a consulting psychologist if need be
This benefit covers legal advice, and costs incurred to defend or pursue any legal action.
Any defamatory content intent on harassing you and affecting your reputation is claimable under the policy.
The policy will reimburse you for the expenses incurred
* To services of IT specialist to remove and suppress the content * For consultation with a psychologist
Extortion through online medium is a major risk and is covered under this policy.The policy will indemnify and reimburse
* value of any fund or property surrender as an extortion payment * cost of professionals engaged in investigating the cause
Online harassment and bullying is becoming increasingly common, and it is important to take measures to control this in case something happens. This policy will cover
* Expenses for obtaining injunctive relief * Expenses for a consulting psychologist
Phishing is the fraudulent attempt to obtain sensitive information such as usernames, password and credit card details (and money), by disguising as a trustworthy entity in an electronic communication.
This could include disguise as a genuine e-mail, or a genuine website. A retail cyber policy will cover you for the loss of money resulting directly due to phishing and email spoofing.
In a time where the security concerns behind hacking of aadhar data and of online threats are high, it is highly recommended to get a cover for yourself or your family