Mumbai. As the use of cyber and digital technology is increasing, cyber crimes are also increasing. Online or digital transactions increased rapidly during Covid. Due to this, cyber fraud has increased manifold. Cybercriminals can steal or damage your valuable data, identity, etc. in many ways. To avoid this, taking cyber insurance can be a wise decision.
What is Cyber Insurance?
Cyber insurance covers the financial liabilities arising out of third party claims apart from indemnifying the loss due to cyber fraud. Comprehensive cyber insurance plan also covers medical counseling taken after being a victim of a cyber attack due to trauma, stress or panic.
Despite taking all the security measures, hackers are adopting new methods of cybercrime. In view of this, taking cyber-insurance insurance cover has now become a necessity. A comprehensive cyber insurance cover provides protection against various types of cyber risks. These include identity theft, malware attack, loss from IT theft, cyber extortion, etc. This insurance also provides protection against damages caused by e-mail spoofing and phishing. In case of any such loss, insurance cover is also available to cover the cost of legal expenses, data or computer program reinstallation etc. Coverable items
- Damage caused by email spoofing, phishing
- Fraud in online transactions through bank accounts, debit or credit cards or e-wallets
- Loss of reputation due to invasion of privacy
- Losses and expenses associated with litigation costs after identity theft
- Restoration and installation expenses after damage to data or computer programs
- Expenses incurred in transportation for court appearance after third party claim
- Keep these things in mind to avoid cyber attack
Do's and Don'ts
When storing sensitive data in the app on a personal device, you must have a security tool that can detect malware, ransomware or cybercrime. In home networks, firewalls and encryption are often used for this. Firewall protects the device, application from cyber attack. Or any website that tries to break into your network, detects and stops it. Connecting to public Wi-Fi can also pose a risk to smartphones and apps.