With the whole world working from home to maintain social distancing amid COVID-19 pandemic, the risk of cyber attack has been aggravated in the last few months. Cyber attacks have increased 86% between March and April.From banks to businesses to individuals — every one is looking for ways to protect themselves from potential cyber threats.
ICICI Lombard General Insurance, India's leading private sector non-life insurance company, has recently launched Retail Cyber Liability Insurance policy — an insurance policy to protect customers from online frauds. This cyber insurance covers individuals against digital theft or any kind of financial losses due to unauthorised transactions.
The coverage will include protection against 1) Identity theft, 2) Cyber-bullying, 3) Cyber extortion, 4) Malware intrusion, 5) Financial loss due to unauthorised and fraudulent use of bank account, credit card and mobile wallets, 5) Legal expenses arising out of any covered risk.
This policy will also cover threats such as reputation injury and loss of wages because of cyber frauds. "All the expenses incurred in restoring digital reputation with means of removal of the harmful publication from the internet can also be claimed," the insurance company said in a statement.
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 under this cyber insurance policy.
Cost: The policy is available at an affordable price for tech savvy individuals. The premium ranges from ₹6.5 per day to ₹65 per day. The sum insured for the cover ranges from ₹50,000 to ₹10,000,000 as opted by the policyholder. . The policy provides coverage to the entire family, including children for a duration of one year.
"Our new product comes at an opportune moment when everybody is working remotely, using social media and net banking and is digitally active. The product is designed to protect individuals against the dangers that come with the connected life like cyber-bullying, identity theft and more," Sanjay Datta, Chief, Claims, Underwriting and Reinsurance, ICICI Lombard General Insurance said.