CYBER INSURANCE IN INDIA
Due to lots of data hacking incident in India Cyber Insurance got lots of importance. Apart from corporates even individual looking for solutions. Cyber Insurance is a risk management technique. It's the fastest growing field in India.
1) Data Breach
2) Investigation Cost
3) Cost of data recovery
There are two types of cyber insurance. One is for Individual and second one for Corporate.
Individual Cyber Insurance:
It protects individuals from
a) Data Theft
b) Phishing
c) Identity theft
d) Cyber Bullying
e) Cyber Stalking
f) Email spoofing
g) Misuse of financial information.
HDFC ERGO
Bajaj Allianz
ICICI Lombard
Corporate Cyber Insurance
It's only covered for breach of its customer data.
Tata AIG
HDFC ERGO
ICICI Lombard
Bajaj Allianz
provide coverage for Corporate Cyber Insurance.
Importance of Cyber Insurance in India
Digitalization has entered all facets of our lives. Indian corporations are adopting technology altogether their operations at lightning speed. And why not- its helping in streamlining processes, driving performance, reducing transaction time and improving productivity. However as they assert , everything comes with a price. within the case of technology, it's the fear of online data theft and other such cybercrimes. A recent cyber risk survey in Allianz Risk Barometer 2019 highlighted that cyber issues comprise the topmost risk faced by India Inc., much in more than conventional risks like regulatory changes, market developments, increasing competition etc.
Symantec, a worldwide cyber security leader reported that India has witnessed a 457% growth in cybercrime within the last half-decade. within the period between 2016 and 2018, globally India ranked second within the list of countries most suffering from cybercrime and such related threats. of these factors point to the dire need for cyber insurance for an entity or individual operating in India.
Growth in India
India may be a new adopter of cyber insurance. However, it's made its presence felt during a very short span of your time . The possible implication of GDPR and private Data Protection Bill has also fueled its adoption and growth.
As per a report published by Data Security Council of India there has been a 40% growth within the number of cyber insurance policies purchased by corporates within the country between 2017 and 2018. an equivalent cyber insurance report was covered by the Economic Times, this highlighted that each one sorts of businesses – large enterprises, small and medium enterprises alike, are today very susceptible to cyber-crime. Similarly a December 2019 PWC-DSCI report titled “Cyber Security India Market – What Lies Beneath” corroborates that the necessity for cyber security in India.
Bajaj Allianz Cyber policy
Who can purchase this policy?
Any Individual person above 18 years aged. We get that everybody now uses the web on a daily, if not an hourly basis, and that we want to form the protection of our Individual Cyber Safe Policy easily accessible. Hence, our requirement is as basic as someone being of majority .
This is an Annual policy.
The renewal of the policy, however, is super quick and straightforward and you'll keep enjoying the protection of the private Cyber policy for as long as you employ the web by renewing it online within a couple of clicks.
What are the plans available under the policy?
We understand that each individual has different needs and depending upon your internet usage habits, among other things, you'll require a special coverage amount.
Hence, we've plans under our Cyber policy that start from Rs 1 lakh and go up to Rs 1 Crore. the private Cyber Insurance Cost also will vary accordingly and includes several affordable plans.
What is the surplus during this policy?
There is NO excess within the Cyber policy .
An excess is that the amount of cash you’re required to pay towards a claim before the insurance provider settles the claim. the quantity is set at the time of shopping for the policy . Our Cyber policy , however, levies no excess.