You like the comfort of online financial transactions but you need to be cautious of the risks it has. To protect yourself from cyber frauds you can purchase insurance policies. These insurance are generally bought by banks and corporates, awareness regarding cyber insurance was limited. But now due to the global pandemic and work-from-home jobs, more individuals are purchasing insurance. At present Bajaj Allianz General Insurance and HDFC ERGO are providing such insurance policies.
Financial loss or emotional stress because of cyber fraud or harassment are the worst nightmares for any individual in today’s online world. Hence, the general insurers are providing such cyber insurance policies to cover individuals against such risks.
The cyber safe by Bajaj Allianz insures loss covered due to phishing, email spoofing, damages arising out of Identity theft on social media or otherwise, cyberstalking, malware attacks. Bajaj Allianz pays for the social media liability clause of its insurance policy and also for the legal expenses induced to prosecute the culprit if identity theft occurs on your social media handles.
The E@secure by HDFC ERGO provides cover for transactions consisting of accounts, debit cards, credit cards, e-wallets, loss due to phishing, identity theft, expenses on counseling after cyberbullying, legal expenses.
HDFC ERGO’s policy, for instance, compensates for losses incurred due to spurious online transactions made on your bank account, cards, or e-wallets. Economic losses suffered because of phishing – where a fraudulent email impersonated as an official email from banks or other authorities are sent to get the victim to reveal sensitive information is also covered in the policy.
But even if you bought the cyber insurance cover, the duty of acting responsibly is yours, you must ensure that you inform the bank and the insurer as quickly as you find out an unauthorized transaction in your account. Further, you may not get the claim if it is discovered that the fraud occurred due to your carelessness, for instance not being careful about your card details or PIN.
Also, you must notice that contrary to car or health insurance, the chances of coverage are narrow to financial or legal damages.
In the end, you must compare the covers you have before purchasing such policies.
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