As India races ahead in the digital age, our increasing reliance on online banking, e-commerce, and social media comes with a hidden cost—rising cases of cyber fraud, identity theft, and cyberattacks. In 2023 alone, thousands of cybercrime cases were reported, highlighting just how vulnerable individuals are in this connected world.
Cyber insurance is emerging as a crucial safety net. Beyond covering financial losses, it offers legal support, data restoration, and even reputation management. Surprisingly, such protection is affordable—premiums start at just a few rupees a day, making it accessible to almost anyone. For victims, policies provide quick reimbursement while connecting them to cybersecurity experts who can help prevent further attacks.
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But there’s a catch: claims can be denied if policyholders fail to meet security requirements, delay reporting incidents, misrepresent information, or face losses excluded under the policy.
IndiaToday.in spoke to Ankit Gupta, Head of Retail Cyber Insurance at Policybazaar for Business, and Tarun Wig, Co-Founder and CEO of Innefu
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