ICICI Lombard introduces Cyber Insurance cover for individuals
In
these unprecedented times owing to the COVID-19 crisis, remote working has
become the new normal. Since the lockdown was announced, like everywhere else, S.
Mohan’s company too announced remote working. Before everything shut down,
Sameer wanted to buy a laptop, since his device was faulty. He kept browsing different
websites to find a good deal for the new laptops. One day, he got a mail
offering an unbelievable deal on his favorite brand. However, buying the laptop needed his credit
card information. Since the website offered home delivery within 48 hours (even
in the lockdown) he made an impulsive purchase through his credit card. Next
morning Mr. Mohan woke up to a message from his bank stating that he has
surpassed his credit card limit which was around INR 3, 00,000. When he opened
the mail again, the ‘page was not found’. It then dawned upon Mr. Mohan that he
has fallen prey to online fraud. He had lost approx. INR 3, 75,000 in a single
night. He could do nothing about it as he did not have any protection to see
him through.
To help customers overcome such
tragedies, ICICI Lombard General Insurance, India's leading private sector
non-life insurance company, announced the launch of its Retail Cyber Liability
Insurance policy. This policy offers complete protection to individuals and
their families against any cyber frauds or digital risks that could result in a
financial or reputational loss. The retail cyber insurance product is a form of
insurance that protects individuals against losses that individually vary from online
theft to unauthorized transactions.
India is one of
the most prominent digital markets, with a vast potential for exponential
growth. Data shows on a country level; we have over 560 mn internet subscribers and
over 350 mn social media users. India is the second-largest App Market by
Download and has over 180 Mn+ e-commerce users. When it comes to phone-based
transactions, we have over INR 1 Trillion UPI transactions. This lays the ground for a huge
potential for cyberattacks. Undoubtedly, and this opportunity is followed by
the menace of cyber risks and frauds which, too, have been growing
considerably. Research shows that:
·
Cyber-attacks
have soared 86% in the four weeks roughly between March and April & overall
37% in first quarter of 2020
·
Hackers based
in China attempted over 40,300 cyber-attacks on India in 3rd week of week of
June, mostly covid-19 based scams. The attacks aimed at causing issues such as
denial of service, hijacking of Internet Protocol and phishing
·
Rs 1.24 trillion is the amount lost in India in the
past 12 months due to cybercrime.
·
131.2 million is the number of cybercrime victims in
India in 2019 & 63% of them were impacted financially
According
to the Internet Crime Report for 2019, released by FBI's Internet Crime
Complaint Centre (IC3), India ranks third among the top 20 countries that are
victims of cybercrimes. Going by this data, we are at a high risk of exposure,
and personal cyber insurance seems the only respite.
The
company's product is designed to secure the digital world against losses in the
event of a cyberattack. The coverage will include protection against:
·
Identity theft
·
Cyber-bullying
·
Cyber extortion
·
Malware intrusion
·
Financial loss due to unauthorized and
fraudulent use of bank account, credit card and mobile wallets
·
Legal expenses arising out of any covered risk
ICICI
Lombard has innovated by covering newer threats such as
·
Reputation
injury - all the expenses incurred in restoring digital
reputation with means of removal of the harmful publication from the internet
can also be claimed.
·
Individual
lost wages – 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
The
policy can be purchased at an affordable rate by all digitally active
individuals. The premium ranges from INR 6.5 per day to INR 65 per day. The Sum
Insured for the cover ranges from INR 50,000 to INR 10,000,000 as opted by the
policyholder. The policy provides coverage to the entire family, including
children for a duration of 1 year.
Speaking
on the launch, Sanjay
Datta, Chief - Claims, Underwriting and Reinsurance said,
"We are living in a digital world where data is being engendered,
transmitted and deposited every nanosecond. Today, data is gold. And, to
protect it, is paramount. While we live a digital life, the risks of
cyberattacks have also grown exponentially. 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. The policy asserts the company's pledge to provide innovative
new-age risk solutions to our customers while protecting their reputation,
prospective data breaches and losses in case any vital information is stolen or
abused."
ICICI
Lombard's commitment to providing the best for its consumers reflects through
these offerings and more which ensure that the policyholders are stress-free
while they work from home and even after. True to its ethos of "Nibhaaye
Vaade" (Keeping Promises), ICICI Lombard always aims at being ahead of the
curve to provide the customers with innovative and unique products against the
new risks.
For more
information on the policy and the full range of ICICI Lombard’s Insurance
portfolio please visit the website www.icicilombard.com for further details on risk factors,
exclusions, terms and conditions.
No comments:
Post a Comment