India witnessed around 63% rise in cybercrimes in 2019, which is a troubling statistic. With the increased penetration of internet across the country, unsuspecting individuals are falling victim to these fraudulent activities at increased frequencies. At such a time, a suitable cyber security cover is essential since it protects one from facing unforeseen financial losses resulting due to cybercrimes.
Still, before proceeding further, an individual should understand the true nature of such crimes and the need for online security.
What are cyber security and cybercrime?
Cybercrime can be aptly referred to the various illegal activities that take place on the internet. From email phishing to various types of online scams, everything comes under the purview of cybercrimes. A cyber insurance plan can thus be the best way to safeguard against such unfortunate incidents, which can lead to substantial financial losses.
Cyber security, on the other hand, involves any and all measures taken to prevent cybercrimes. From installing antimalware programmes on your device to buying a cyber insurance policy, everything is a form of security against fraudulent online activities.
What are the benefits of a cyber security cover?
Due to the rising number of online fraud and theft cases, opting for adequate cyber protection has become imperative. The Cyber Security Cover provided by Bajaj Fiserv under Pocket Insurance & Subscriptions is one such policy to consider when looking forward to safeguarding your devices from such attacks.
It comes with the following benefits –
- Limiting access to your computer by an unauthorized third-party
You can reclaim any financial loss arising from cyberattacks which target your computer system with suitable coverage for cyber security in place. In various cases, data can be transferred from your computer to another using the internet. Attackers may also introduce foreign data into your computer system to acquire unhindered access to the system. While a cyber security insurance plan cannot prevent such attacks, it can minimise your liabilities from the same.
- Provisions against simjacking
Simjacking is a process where scammers install a different SIM inside your phone instead of the one you acquired from a registered telecom company. A cyber security cover will ensure adequate financial support if you face monetary losses due to instances of simjacking as well.
- Phishing email protection
Phishing is a process where fraudsters pose as trustworthy companies or entities and send emails to unsuspecting individuals. Such emails generally comprise links which are asked to click to claim an incentive. Upon clicking, you will be redirected to a page, where you would need to enter personal details, including name, address phone number, along with savings account details.
If you fall for this trick, scammers can acquire the necessary details and clean out your account off your entire savings. Nevertheless, with a cyber security insurance policy in place, you can recover most of the losses you suffer from such attacks.
Nevertheless, a cyber security cover can only protect against online crime. It does not extend coverage to credit/debit card-related ATM fraud. You need to avail a fraudulent charges cover for these features, offered by insurance aggregator Bajaj Finserv. Although relatively cheap, this plan ensures transactional safety not only online but offline as well.
If you are mostly concerned about ATM skimming and such forms of financial threats, opting for the ATM safeguard plan may be the best option. Besides enabling policyholders to claim up to Rs.50,000 for losses sustained due to these incidents, this cover also allows users to block their credit and debit cards immediately after theft or loss. This instantaneous ability to cease card functionality can be crucial in limiting losses in case of compromised card data.
