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Reasons Why Individuals Must Have Cyber Insurance

IamCheated.com Research Team | June 12, 2018  7:54:pm

After demonetization, India is fast moving towards becoming a digital economy and many citizens have started using cashless modes of transactions. Even though many are adopting digital payments, there is still a fear that banking details and data stored online could get hacked or deleted. Even fraudsters are using a number of tricks to steal money from the bank accounts of innocent people. So, having cyber insurance will provide you protection against various types of cyber attacks. In this blog, we will discuss some of the risks which are covered under cyber insurance.

Online Banking Frauds

Not just large companies, but even individuals are victims of cyber attacks. One of the most common risks faced by many citizens are online banking frauds. To conduct online banking transactions, we need to provide a lot of personal information. Hackers use this information to conduct fraudulent transactions. A comprehensive cyber insurance cover provides protection against such frauds.

Phishing emails

Phishing is a popular method used by fraudsters to steal personal information like credit card and bank account details, login credentials, personal identification details, and other important personal information. Under phishing, fraudsters send you emails with links appearing to be from reputable companies.  In case you fall for phishing scams, the cyber insurance cover will pay for this loss along with the cost of filing a criminal complaint.

Malware attacks

If malware has damaged access to your computer, cyber insurance will bear the cost of restoration of the computer system, software and data. The insurance company will also bear the legal fees for a defence in the court of law.

Cyber extortion loss

The expenses incurred on Counseling Services, claim for Damages against Third Parties for Privacy Breach and Data Breach, Cyber Extortion Losses and transportation for attending Court summons will be covered by comprehensive cyber insurance plans. 

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