The victim who has fallen prey to cybercrime or fraud must be proactive and be sure to directly reach out to the cybercrime helpline 1930 for filing their complaint.
The risk of digital compromise is now more than ever because of our increasingly interconnected world. Today, every member of the family – from children using various apps for study to senior citizens engaging on different social media – is active online. With the increase in volume of online transactions and social media interactions, almost every individual is vulnerable to cyber threats. It’s no longer just businesses that face these dangers, individuals and families are also targets for financial and identity-related crimes. This escalating digital risk is precisely why cyber insurance has become an essential component of personal and family financial planning. If you are planning to buy one, here’s everything you need to know.
Why cyber insurance is becoming important for individuals in today’s digital world?
Out of every family, almost all age backgrounds are using smartphones and have social media accounts; hence, anyone of any age can confront online and cyber fraud. It’s not surprising that now insurers are also dedicating a family cyber insurance plan to safeguard the family from cyber losses. Many senior citizens and children of childhood age unknowingly share their personal information many times, due to which virtual threats can manipulate them. But now cyber insurance for families can help families to survive the digital age with peace of mind. Importantly, cyber insurance is not just limited to families but is also available for individuals and even organisations.
What types of cyber threats or incidents does a personal cyber insurance policy typically cover?
According to Ankit Gupta – Head of Retail Cyber Insurance, Policybazaar for Business, a personal cyber insurance policy typically covers online financial fraud, identity theft, data breaches, account hacking, phishing scams, malware or ransomware attacks, SIM-swap fraud, and misuse of digital wallets or social media accounts.
“It helps individuals recover financial losses, restore compromised accounts, and get legal or technical support after a cyber incident, along with that cyber awareness to avoid further malware attacks. However, it also depends on the coverage plan; surprisingly, in these times cyber insurance is affordable, so anybody can access the same,” Gupta said.
How does cyber insurance help someone recover financially after a cyberattack or online scam?
The victim who has fallen prey to cybercrime or fraud must be proactive and be sure to directly reach out to the cybercrime helpline 1930 for filing their complaint.
“Without hesitation and anxiety over the situation, they must inform the insurer within 24-48 hours so that they can proceed with the further steps of helping the individual and protect them from unauthorised transactions being made in their name. Having cyber insurance gives you the authority to mitigate the risk and overcome the situation easily. In these situations, this insurance helps individuals to restore the personal data or information and access to prevent themselves from further attacks,” Gupta said.
Is cyber insurance only meant for businesses, or can individuals and families also purchase it for personal protection?
Out of every family, almost all age backgrounds are using smartphones and have social media accounts; hence, anyone of any age can confront online and cyber fraud. It’s not surprising that now insurers are also dedicating a family cyber insurance plan to safeguard the family from cyber losses. Many senior citizens and children of childhood age unknowingly share their personal information many times, due to which virtual threats can manipulate them. But now cyber insurance for families can help families to survive the digital age with peace of mind.
With increasing online transactions and social media use, what precautions should people take even if they have cyber insurance coverage?
Even if the individual has cyber insurance, they must follow basic digital hygiene to avoid malware and cyber fraud.
1. Use of unique passwords: Different passwords for different platforms can help safeguard information.
2. Two-step Authentication: Always set up OTP and emails for verifying your banking, etc.
3. Keeping social media private: Being private actually helps, as most people can access your information.
4. Avoid access to passwords: Sharing passwords with different people can cause trouble. Avoiding passwords with anybody can help
5. Avoid connecting to unauthorised or unsecured wifi networks.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
