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Cyber insurance is typically talked about by large businesses. However, due to the internet pervading almost every aspect of society, even private individuals are exposed to cyber risks.
Insurers in India, such as HDFC Ergo, have begun launching their own cyber insurance policies for individuals, protecting against fraudulent transactions, identity theft, risks to reputation, and online extortion, reported the Times of India.
HDFC Ergo’s policy is known as E@secure, and it compensates financial frauds which banks have refused to refund. This includes cases where the insured had unknowingly shared their password. To be able to make a claim, the insured must have had filed a police report within 72 hours of the incident. It also covers payment for ransomware, such as the recent ‘WannaCry’ attack.
“A special feature of this policy is that it provides cover to the entire family, including children,” said Ritesh Kumar, managing director and CEO of HDFC Ergo. “In addition to compensating for losses due to fraudulent transactions, it compensates for legal cost and counselling for any traumatic experience online.”
Earlier, Bajaj Allianz General Insurance had also launched its own cyber protection policy, while ICICI Lombard General Insurance, the largest private general insurer in the market, is in the process of formulating its own personal cyber product, the report said.
