Introduction

Cybercrimes are growing fast in the digital world of technology today, where internet fraudsters and scammers exploit users’ personal data or confidential information for wrongful gains. 76% of Indians have been victims of some form of cybercrime and 60% have been victimised because of computer viruses and malware (Source: businessworld). Online scams use deception or forgery to steal money from individuals, corporates or hack systems. To insulate oneself from the growing menace of online scams and frauds, it is not only important to be adequately informed but, also taking preventive measures has become imperative.

Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

The Menace of Cyber Frauds & Online Scams

Technology, social media, and transactions over the internet play crucial roles in our daily lives. From the latest Digital 2019 Report by HootSuite, an average person spends more or less 6 hours and 42 minutes online each day; The growing use of the internet, mostly around online services make us susceptible to cyberfraud as we expose our personal information and valuable data to the digital world, that can be easily accessed by hackers or cybercriminals. Let's take the example of the Delhi doctor who ended up losing approximately Rs. 22 lakh to online scammers, as per the recent news on TOI (Aug 26th, 2019). People from both urban and semi-urban areas, including senior citizens are common victims who have been duped of by online fraudsters.

What is Cyber Security Insurance?

Under cyber security, you can get cyber insurance plans which can protect you from online frauds and can provide the necessary coverage for any monetary loss, expenses of filing legal cases, or treatment for psychological trauma caused by cyber attacks. Cyber insurance can secure you from various types of online frauds and can protect you from financial losses caused by malware attacks, Identity theft, e-mail spoofing, phishing, and cyber stalking.

Available covers under cyber security insurance

Cyber insurance plans offer you a bundle of covers that can give you peace of mind against online frauds while doing daily online activities, online shopping, internet banking, online dating, and much more. These covers are-

01

Identity Theft

Fraudsters impersonate you by stealing your personal data (banking information and confidential passwords, signature, credit card details) to commit fraud in your name for their own financial gain.

02

Social Media

Fraudsters take over your social media profiles for a fraudulent purpose, or blackmail you by hacking your social media account.

03

IT Theft

Fraudsters hack into your computer systems to either steal your money or your data through unauthorized control or access via hacking or viruses.

04

Cyber Stalking

Online harassment and stalking are done by repeated use of electronic communication through the internet, i.e., e-mails, instant messages or website entries to malign your reputation. It generally refers to a pattern of threatening or malicious behaviors on the social platform

05

Malware Attack

Your system is attacked and damaged by hackers through specially designed malware like Trojan Horse. Malicious software is developed with the intent of stealing or deleting the data from the system which has been hacked in.

06

Phishing

This is the most common form of cyber-attack, in which fraudsters gain access to all your sensitive information by disguising their fraud website, SMS, call or mail from a legitimate organization (bank or e-commerce) to offer you prize and other incentives.

07

Email Spoofing

It is a forgery done by fabricated emails sent from a source other than a legitimate one to steal your personal data.

Covers Under Cyber Security Insurance

  • Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

    Financial losses incurred due to IT theft, phishing, and email- spoofing.

  • Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

    Financial losses from fraudulent online transactions via internet banking, e-wallet.

  • Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

    Defense costs as a result of any claim filed by the insured.

  • Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

    Expenses from reputational liability, including claims alleging defamation.

  • Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

    Costs related to cyber extortion loss, transportation, and photocopying of documents court summons.

  • Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

    Legal Fee for claiming damage fee or prosecution cost against third party.

  • Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

    Legal expenses of criminal prosecution in case of cyber harassment, stalking or malware attacks.

  • Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

    Technical expenses & consulting fees incurred for hiring experts to calculate amount & extent of losses during malware attack.

  • Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud

    Mental health expenses incurred for medical consultation by the insured to treat stress or anxiety.

Why Mahindra Insurance Brokers?

Dedicated team to explain products & queries related to policy coverage

Easy comparison of covers and price to choose the best cyber insurance plans


*Insurance is the subject matter of the solicitation. Cyber Insurance Solution comprises of Bajaj Allianz Individual Cyber Safe Insurance Policy and HDFC ERGO E@Secure Insurance. Customer has an option to choose either of the insurance policy under Cyber Insurance Solution.

Fast-track claims processing for compensation with claims assistance

Premium starting at ₹55/month* (₹662/year*) for the minimum sum insured of Rs.1 lakh

*Insurance is the subject matter of the solicitation. Cyber Insurance Solution comprises of Bajaj Allianz Individual Cyber Safe Insurance and HDFC ERGO E@Secure Insurance. Customer has an option to choose either of the insurance policy under Cyber Insurance Solution.

15 years of expertise and partnership with leading insurance companies

Cyber Security Insurance Providers

FAQs

As the policies may differ from insurer to insurer, coverage of legal fees and expenses incurred, time period, assistance and support provided in restoring the damages are important factors to consider.
A period of about 30 days is needed by the insurer to pay out the claim made, provided all the required documents and information are submitted on time.
An insurance holder has to submit the claim within a time period of 90 days from the date of occurrence of the breach. The claim must be made by a written request and the necessary evidence must be provided to prove the losses incurred. Then, an investigator will be assigned to look into the incident and to verify them. If the claims are valid then the compensation will be paid to the insurance holder otherwise further arbitration can be done.
Yes, there are certain factors like the limit for indemnity, insurance excess, previous insurance provider, etc. that will affect the current claim.
Banking Fraud , Credit Card Fraud , Cyber Fraud and Scams , Dating Fraud and Scam , Internet Fraud and Scams , Online Business Fraud and Scams , Online Email Scam , Online Fraud and Scams , Online Identity Fraud , Online Money Fraud and Scams , Online Payment Fraud and Scams , Online Shopping Fraud and Scams , Online Transaction Fraud , Report Online Fraud. .
  • Dishonest and improper conduct while claiming for losses
  • Negligence in protecting personal or confidential information
  • Any kind of unexplained loss or mysterious disappearance
  • Fees and costs incurred before the acceptance of claim
  • Any damage or destruction to tangible property including any use thereof
  • Losses incurred in war & terrorism
The general term period of cyber insurance is 1 year.
1. Coverage of Financial Losses
2. Cover of Expenses incurred,
  • Legal Fee for claiming damage fee against third party.
  • Restoration costs of the Insured’s computer system due to damage caused by Malware.
  • Coverage of the expenses of a certified psychiatrist, psychologist or counselor to treat the Insured for stress, anxiety.
  • Coverage of the cost of hiring an IT consultant in-order to prove the amount and the extent of the cyber attack and losses attached to it.
Any individual who is above the age of 18 years is eligible to purchase a policy.
The cyber insurance policies have a sum insured amount ranging from Rs. 50 Thousand to Rs. 1 Crore.