Cyber Security Insurance Policy:- Bajaj Allianz General Insurance Co. Ltd has launched a new insurance policy to cover the risks coming from cyberspace and social media. It has been known as the Bajaj Allianz Personal Cyber Safe Policy, it consists of 10 types of risks: [Risk Cover]: Identity theft, Cyber Fraud, Email Spoofing, Social Media, Malware, Information Technology (IT) theft, Phishing, media liability, cyber disturbances, and confidentiality and violation of data by a third party. In this excluding the range tax assessed between Rs 1 lakh to 1 crore, the premium is between Rs 662 and Rs 8933, up to 25% sub-limits are applicable on all covers. It is also included to pay the advisor to prove the limit of loss, court costs and reasonable legal fees.
What’s included in this Policy?
Under the cover of this new insurance policy identity theft, social media, and cyber fraud, the policyholder covers the costs of lodging a criminal case against a third party concerned. Covering in IT stolen loss, you can claim the loss against a financial institution or payment system operators.
Eg:- Let’s take a person who saved the information of a credit card in a computer, and this information is stolen and used for fraudulent transactions. Shashikumar Aditadam, Chief Technical Officer of Bajaj Allianz General Insurance has said, “After the investigation, if the offender is caught and the policyholder decides to file a criminal case, then the Insurance Company, whatever amount to prosecute that claim Will pay him “. Any financial loss of the policyholder, subject to the limits of sum insured, will also be covered.
These activities include malware, phishing, email spoofing, and Cyber forcibly recovery. The costs involved in psychiatric or psychological counseling for the stress or anxiety caused by the coverage of the coverage are included in the policy.
However, all these costs have a sub-limit, except IT theft loss cover, phishing cover and email spoofing cover, which keep the sub-limit of 25%, 25%, and 15%, respectively, in all other covers, sub-limit 10 % is. Apart from this, only one type of claim can be raised at a time.
All these policies will not include ‘dishonest or inappropriate conduct’, which means deliberate, criminal, fraudulent, dishonest or malicious acts or any duty, liability, contract, law or regulation or deliberate breach or any loss which is deliberate and which law Such things are against
However, if the policyholder has been accused of unfair treatment and the final decision of the court is pending, then the insurer can claim defense costs. If the court has established the unfair treatment of the policyholder, then the money will be paid to the policyholder.
The ‘duties of the policyholder’ are also defined in the policy. In this, the policyholder includes measures to avoid any cyber attack, such as Updated Antivirus, Regular backup of data, and employing ‘Best Practices’ for the password. Failure to adhere to these can put your claim in jeopardy, though the insurance company may exclude these conditions.