Fraudulent transactions on credit cards, debit cards, theft of personal information and other online frauds are on the rise. For those looking to buy an insurance policy against cyber threats, SBI General Insurance has launched the Cyber VaultEdge insurance plan, a comprehensive cyber insurance cover for individuals that provides protection against financial losses arising from cyber risks and attacks.
Individuals exposed to any form of cyber risks can buy this policy for themselves and their family. Family includes self, spouse, and 2 dependent children (up to 18 years of age).
Some of the major inclusions of the policy includes theft of Funds, Identity Theft, Cyber Bullying, Cyber Stalking and Loss of Reputation, Cyber Shopping, Online shopping, Social Media and Media Liability, Network Security Liability, Privacy Breach and Data Breach Liability, Smart Home Cover amongst others.
Some of the major advantages of buying the cyber insurance policy is protection against cyber risks. The policy takes care of legal costs and expenses incurred in pursuing or defending legal action against/by a third-party. Further, the policy reimburses the expenses incurred for the services of an IT specialist or to restore data.
The pandemic has led to a significant increase in adoption of digital infrastructure across services. Individuals were forced to adopt the work from home model (WFH) and various digital methods of operating for most services, including payments.
According to CERT-In, cyber security incidents jumped to Rs. 14.02 lakh in 2021 from Rs. 2.08 lakh in 2018, meanwhile, the losses due to cybercrime, ATM/debit card, credit card and internet banking fraud were estimated at Rs. 63.4 crore in 2020-21, as per data published by private and public banks.
The policy addresses the heightened risks that individuals face due to cybercrime and instances of reputation damage, fraudulent transactions with credit cards, debit cards, theft of personal information, etc. With increasing digitization and online transactions, online security has become all the more important. The use of the Internet has certainly made our lives easier, but it has also increased the risk of cyber-attacks. With a cyber insurance policy, you can secure yourself against financial losses arising from Cyber Risks.