CYBER INSURANCE - Policyicon

INDIVIDUAL CYBER INSURANCE

As technology evolves, so does the way we use it to streamline and enhance our operations and processes. But this reliance on technology also makes companies more vulnerable to cyber threats. Cyberattacks which were unheard of a few years back are on a rise now and this is deemed to be an emerging risk for any organization who relies on technology for their business operations. A Cybercrime involves using malicious code and software to alter computer code, logic or data, resulting in disruptive consequences.

As dependency on the digital world has increased, cyber-crimes have also considerably increased in the country. From business transactions to matchmaking, almost everything now can be done virtually. While digital dependence has become a norm, be careful about sharing personal information in apps and websites. Apart from maintaining basic preventions like not sharing our passwords and logging out from our personal accounts when using a public system, it is important that we protect ourselves with the best cyber insurance policy.

WHO SHOULD BUY

Any Individual who lives in a digital era where we cannot imagine our single day without the internet. Especially with the coronavirus pandemic far from over, we still rely on virtual platforms for daily business operations. However, with the extensive use of the internet, there is a need to safeguard your data from any sort of cyber-attacks. Nowadays, digital payments are at an all-time high, but so are dubious online sales and fraudulent transactions. Cyber Insurance can safeguard your losses online and ensure you are protected if anything goes wrong.
Typical buyers can be:
• Students
• Family members
• Individual working professionals
• Online buyers etc

WHAT IS COVERED

• Theft Of Funds - Unauthorized Digital Transactions - Covers financial losses incurred in your bank account, credit/debit cards, digital wallets arising from online frauds like unauthorized access, phishing, spoofing.
• Identity Theft – Covers financial losses, credit monitoring costs, legal prosecution costs arising from the misuse of your personal information on the internet by a third party along with psychological consultation costs for the affected victim
• Data Restoration/ Malware Decontamination - Covers the cost involved in recovering your lost or corrupted data caused by malware attacks on your cyber space.
• Replacement Of Hardware - Covers cost involved in replacing your personal device or its components which gets affected due to malware attack.
• Cyber Bullying, Cyber Stalking and Loss of Reputation - Covers legal costs, cost of removing objectionable content posted by cyber-bullies and psychological consultation costs for the affected victim
• Online Shopping - Covers financial losses incurred due to online shopping on fraudulent website where you, do not receive the product even after making full payment online
• Social Media and Media Liability - Covers legal cost incurred to defend you from third party claims, in case your social media post has caused privacy breach or copy right violations.
• Network Security Liability – Covers legal cost incurred to defend you from third party claims, in case their devices are infected by a malware originating from your device, connected on the same network
• Smart Home Cover - covers cost of restoring or decontaminating your smart home devices which gets affected due to malware attack
• Privacy Breach by A Third Party - Covers legal cost incurred to pursue a case against a third party for leaking your confidential information or data
• Cyber Extortion - Covers financial losses incurred by you by means of ransom or compensation paid to resolve cyber extortion

WHAT IS NOT COVERED

• Coverage To Work Place - Loss due to any action or omission in your capacity as an employee or self-employed person as well as professional or business activity will not be covered
• Coverage For Investment Activities - Investment or trading losses including limitation or inability to sell, transfer or otherwise dispose of securities, is not covered
• Protection From Legal Suits from A Family Member - any claim arising to defend against legal suits from your family members, any person residing with you is not covered
• Cost Of Upgrading Devices - Any costs of betterment of your personal device beyond the state existing prior to the Insured Event, unless unavoidable, is not covered
• Losses Incurred in Crypto-Currency - Any loss/ misplacement/ destruction/ modification / unavailability/ inaccessibility of and/ or delay in trading with cryptocurrencies, consisting of coins, tokens or public /private keys being used in conjunction with aforementioned, is not covered
• Use Of Restricted Websites - Any loss sustained by you by accessing any restricted or websites banned by the relevant authority over internet, is not covered
• Gambling - Gambling online and or otherwise, is not covered