What is a cyberattack?
A cyberattack is any deliberate attempt to get unauthorised access to a network, computer system or digital device in order to steal, expose, alter, disable or destroy data or applications. Attackers have many motives, from small-time theft to large-scale disruption, and they use methods such as password theft, social engineering scams and malware. For a business, an attack can mean lost customers, lost revenue and, in the worst cases, closure.
What is cyber insurance and why have it?
Cyber insurance, also called cyber liability insurance, is a policy that helps cover the financial risks of doing business online. You pay a regular premium, and the insurer takes on part of the cost if something goes wrong. When data is lost, compromised or stolen, a firm can lose clients and income, and owners may even be held responsible for losses caused by the theft of third-party data. Individuals face similar risks too, from online fraud to identity theft.
About Bajaj Finserv
Bajaj Finserv Ltd. is a financial services holding company. Through its group companies it offers consumer finance, SME finance, commercial loans, insurance and wealth management products to individuals and businesses.
What the cyber cover offers
Bajaj Finserv markets cyber insurance for individuals that protects against a range of online threats, including:
- Identity theft
- Malware attacks
- Loss from IT theft
- Phishing and email spoofing
- Cyber extortion
- Cyberstalking
Depending on the plan, cover may include financial losses from phishing and email spoofing, the cost of defending against identity theft, restoration costs to recover data or reinstall programs damaged by malware, counselling costs, claims by third parties for data breaches and privacy violations, extortion losses and travel costs for responding to court summons. Cover, limits and exclusions differ by plan, so read the policy wording carefully before buying.
If you suspect a breach
Tell your insurer as soon as possible. Early notice can reduce the damage and the cost of recovery, and gives you more options for handling the situation. Insurers also have a stake in helping you recover quickly.
The bottom line
Cyber insurance gives individuals and businesses a financial safety net after an online attack. It does not replace good security habits like strong passwords and caution with links, but it can ease the cost when something slips through.
