The ICICI Lombard cover will include, ‘reputation injury’ wherein all the expenses incurred in restoring digital reputation with means of removal of the harmful publication from the internet can be claimed.
In these unprecedented times owing to the COVID-19 crisis, remote working has become the new normal. Since the lockdown was announced, many people have fallen prey to online fraud, losing a lot of money. And most people can’t do anything about it as they do not have any protection to see them through.
To help customers overcome such tragedies, ICICI Lombard General Insurance, launched its Retail Cyber Liability Insurance policy. This policy offers protection to individuals and their families against any cyber fraud or digital risks that could result in a financial or reputational loss. The retail cyber insurance product is a form of insurance that protects individuals against losses that individually vary from online theft to unauthorized transactions.
India is one of the most prominent digital markets, with a vast potential for exponential growth. When it comes to phone-based transactions, there are over Rs 1 Trillion UPI transactions. This lays the ground for huge potential for cyberattacks. Undoubtedly, and this opportunity is followed by the menace of cyber risks and frauds which, too, have been growing considerably.
The Retail Cyber Liability Insurance policy by ICICI will secure the policyholder in the digital world against losses in the event of a cyberattack.
The coverage will include protection against:
- Identity theft
- Cyber extortion
- Malware intrusion
- Financial loss due to unauthorized and fraudulent use of bank account, credit card and mobile wallets
- Legal expenses arising out of any covered risk
The ICICI Lombard cover will include, ‘reputation injury’ wherein all the expenses incurred in restoring digital reputation with means of removal of the harmful publication from the internet can be claimed. It also covers ‘individual lost wages’, wherein if someone loses wages that would have been otherwise earned, for the time necessarily taken off from work to rectify facts arising out of any covered risk can also be claimed
The policy can be purchased by all digitally active individuals. The premium ranges from Rs 6.5 per day to Rs 65 per day. The Sum Insured for the cover ranges from Rs 50,000 to Rs 1 crore as opted by the policyholder. The policy provides coverage to the entire family, including children for a duration of 1 year.
Sanjay Datta, Chief – Claims, Underwriting and Reinsurance said, “We are living in a digital world where data is being engendered, transmitted and deposited every nanosecond. The product is designed to protect individuals against the dangers that come with connected life like cyber-bullying, identity theft, and more. The policy asserts the company’s pledge to provide innovative new-age risk solutions to our customers while protecting their reputation, prospective data breaches, and losses in case any vital information is stolen or abused.”