Cyber Crime Insurance

A surge in online activities and digitalization of financial transactions has led to a spurt in online fraud. Cyber Insurance helps to mitigate these attacks. Who can buy such insurance: Individuals who are using credit/debit cards, mobile wallet by a third party or are engaged in any kind of online transactions and Corporates who wish to prevent a breach of their systems and compromise on its security

INDICATIVE COVERAGE

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All types of monetary losses due to e-theft and e-communication such as

Cyber attack or hacking of the insured’s bank account/credit card/debit card/mobile wallet
Hacking of social media account by a third party to make claims against the insured
Extortion or ransom losses due to the cyber extortion danger and criminal prosecution costs.
Costs of legal expenses for dealing with an identity theft case/cyber bullies or stalkers.

COMMON EXCLUSIONS (NOT EXHAUSTIVE)

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Fraudulent act or deliberate breach of law or regulations
In case of insolvency of the insured policy ceases
Loss or damage insured by different insurance firms.
Mechanical failures such as electric disturbance, media failure/breakdown, a digital shutdown of online applications or any malfunction of a similar kind.
Any physical or bodily damage due to multimedia breach or misinformation

Premium Rating Factors

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All types of monetary losses due to e-theft and e-communication such as

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