Cyber cover for digital natives

Such insurance protects against financial loss, data compromise & identity theft

- SAIKAT NEOGI

AS PEOPLE BECOME more dependent on digital platforms for banking, shopping and social interaction, cyber insurance offers a critical safety net. It protects against losses from digital crimes and provides access to professional help in managing and mitigating the damage.

The premium for a ₹10 lakh cover for an individual cyber insurance is ₹600-1,500 a year. The policy extends coverage for digital theft of funds, identity theft, cyber stalking, loss of wages, and others. The financial protection includes covering legal costs, IT recovery services costs and data restoration costs. It also covers psychological counselling expenses for incidents such as identity theft and cyber-bullying.

Amarnath Saxena, chief technical officer, Commercial, Bajaj Allianz General Insurance, says given the growing reliance on digital platforms, cyber insurance has become an essential component of personal risk management. "It plays a critical role in protecting individuals against financial loss, data compromise, and reputational damage arising from cyber incidents," he says.