The pace at which the country is moving towards digitization is also increasing as fast as cyber fraud cases are also increasing. In the last few years, corporates have also been victims of the common people. Today, it has become a big challenge to save your hard-earned money from counterfeiters. Most of us do financial transactions not only from our computers and smartphones but also through office computers and public WiFi. Access to personal information from different devices leads to the exposure of all kinds of risks. Despite all security measures, hackers are adopting new methods of cyber fraud. Because of this, the importance of cyber insurance has increased, which must also be taken by common people with small companies.
Cyber insurance protects against various types of cyber risks. These include identity theft, social media liability, cyberstalking, malware attack, IT theft loss, and cyber extension, etc. It also covers the damage caused by e-mail spoofing and phishing. Some companies believe cyber insurance can be expensive, but its premium rates are very competitive. You may have to spend Rs. 600-800 per annum to get cyber insurance of Rs. 1 lakh.
Whether these things are not covered in cyber insurance:
Financial losses from e-mail spoofing and phishing. Fraud in online payments in a bank account, debit-credit card, or e-wallet. The attack on privacy damages reputation. Cost of installing data from malware or computer programs back after damage. Expenses to arrive during counseling services and court hearings.
Keep these things in mind for protection:
While keeping sensitive data in the app on a personal device, you must see that you have a security tool that can detect malware, ransomware, or cybercrime. Do not click on the link in the suddenly opened pop-up window of an email or website with an unknown source. Avoid registering e-mail on an unknown website. Look next to the website name to confirm that the website is genuine or not. Create strong passwords. Do not use the same password on different accounts.
The market for cyber insurance at a global level is growing rapidly. It is expected to reach $20 billion (about Rs 1.42 lakh crore) by 2025. But, in India, it is Rs. 500-700 crores. Some companies are also providing cyber insurance in the country. However, despite the increase in such fraud cases, some financial companies in India have taken cyber insurance, but with a low premium. It does not cover all types of cyber frauds, which poses a threat to companies on the financial front.
The worst threat in these states:
The annual report of quick heal has been released for 2019, which states that Maharashtra, Delhi-NCR, West Bengal, and Gujarat are the states in the country, where the risk of cyber fraud remains the highest.
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