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<ul><li>Between January 2020 and June 2023, 75% of cyber crimes in India were attributed to financial frauds.</li><li>Expenses incurred in the retrieval or restoration of lost or corrupted data resulting from malware attacks is covered in policies. </li><li>Financial losses incurred due to online shopping on fraudulent websites are also covered. </li></ul>Online monetary transactions are on the rise every year and as we spend more and more time in the virtual world, the world of crime has seen opportunities and spread its tentacles in this sphere too. Cybersecurity fraud includes various types, including <keyword id="6359049" type="General" weightage="20" keywordseo="phishing" source="Orion">phishing</keyword> attacks that trick users into revealing personal information, ransomware that encrypts data for extortion, <keyword id="429939" type="General" weightage="20" keywordseo="identity-theft" source="Orion">identity theft</keyword> for financial gain, and malware infections exploiting vulnerabilities in systems. Many of these frauds result in <keyword id="514956" type="General" weightage="20" keywordseo="financial-loss" source="Orion">financial loss</keyword> because the bank account of the victim is compromised. A study conducted by a start-up incubated with IIT Kanpur revealed that between January 2020 and June 2023, 75% of cyber crimes in India were attributed to financial frauds. Companies take <keyword id="1672191" type="General" weightage="20" keywordseo="cyber-insurance" source="Orion">cyber insurance</keyword> to protect themselves from damages due to cyber frauds. Cyber security insurance is also available for individuals. HDFC ERGO, offers a cyber sachet insurance policy, tailored for individuals, including students, women, entrepreneurs, and working professionals. The policy covers a range of cyber threats such as theft of funds, identity theft, social media liability, malware attacks, phishing, and third-party data breaches along with coverage for counselling services to support individuals who experience emotional setbacks due to cyber incidents. Also one can extend the coverage to cover their smart home devices affected by malware attacks. Similarly Bajaj Allianz provides an Individual Cyber Safe Insurance Policy. Cyber insurance acts as a protective measure against potential losses incurred online, offering assurance and coverage in case of adverse incidents. This insurance coverage grants peace of mind, allowing individuals to engage in online activities without constant concern over financial ramifications caused by cyber threats. Such plans can have a sum insured of ₹10,000 to ₹5 crore. Let us take a look at what all is covered under cyber insurance. Financial loss: The coverage extends to financial losses resulting from online frauds, encompassing unauthorised access, phishing, and spoofing incidents affecting bank accounts, credit/debit cards, and digital wallets. “Any sort of financial loss due to any <keyword id="6358845" type="General" weightage="20" keywordseo="cyber-fraud" source="Orion">cyber fraud</keyword> is covered up to the sum assured in the policy. For example if someone clicks on a phishing link and then one's account is hacked and one loses money from their bank account the policy will cover it,” says TA Ramalingam, chief technical officer, Bajaj Allianz General Insurance . Identity theft: Coverage includes indemnification for financial losses, credit monitoring expenses, legal fees for prosecution resulting from the unauthorised use of personal information by a third party on the internet. Additionally, it encompasses psychological consultation expenses for the affected individual. Data restoration: Expenses incurred in the retrieval or restoration of lost or corrupted data resulting from malware attacks is covered. “Cost incurred in restoring lost or corrupted data or replacing hardware due to malware attack,” says Parthanil Ghosh, President, Retail Business HDFC ERGO General Insurance. Hardware replacement: Expenses associated with replacing your personal device or its components that have been impacted or damaged due to a malware attack are covered. Cyber bullying: Coverage includes legal expenses, expenses related to removing objectionable content posted by cyber-bullies, and psychological consultation costs for the affected individual. Online shopping: Financial losses may be incurred due to online shopping on fraudulent websites. “Online shopping fraud where an item is not received even after making a full payment is covered,” says Ghosh. What is not covered Any losses resulting out of dishonest or improper conduct is not covered. Any losses arising out of racist, pornographic or other immoral services or restricted websites are also not covered. Some of the other exclusions include coverage for investment activities like selling shares and losses in cryptocurrency. It is the onus of the policyholder to follow basic safety procedures. “One needs to behave as if one is not insured. So if someone makes basic mistakes like sharing one’s PIN or OTP or writing the PIN at the back of an ATM card, the insurance company won't cover any damages,” says Ramalingam. If you are a heavy mobile phone or Internet user, having cyber insurance can give you a safety net. However, remember, it pays to stay vigilant.

Online financial crimes on the rise – How to secure your digital world

Keeping the upcoming festive season and growing online frauds in mind, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> on Tuesday announced a partnership with <keyword id="72592" type="CITY" weightage="20" keywordseo="Bajaj-Allianz">Bajaj Allianz</keyword> General Insurance Company to offer ‘Digital Suraksha Group Insurance for customers in the country. The "Digital Suraksha Group Insurance" policy will cover financial losses caused by various kinds of online frauds and cyber attacks that might occur during digital transactions. The customers can choose for a one-year cover at premiums as low as Rs 183 for a cover of Rs 50,000, Rs 312 for Rs 1 lakh, and Rs 561 for Rs 2 lakh for a 12-months tenure, with covers also extending up to Rs 10 lakh. "As the festive season nears, we want to ensure that the customers' online shopping experience, across any digital medium, is devoid of stress and apprehensions," said Ranjith Boyanapalli, Head, Fintech and Payments Group, Flipkart. The policy can be availed while buying certain models of mobiles, laptops, tablets, and audio devices on Flipkart. The insurance compensates for direct financial loss (up to the sum insured) due to unauthorised digital financial transactions as a result of identity theft arising out of cyber attacks, phishing/spoofing and SIM-jacking. The policy covers online transactions for debit cards, credit card, digital wallets, UPI/Internet banking (All bank accounts, credit and debit cards and mobile wallets), the company said in a statement. "With this Digital Suraksha Group Insurance introduced on Flipkart's platform, at less than 50 paise per day, you can protect yourself against the financial risk of getting defrauded online," said Tapan Singhel, MD and CEO, Bajaj Allianz General Insurance. The claim is admissible if a loss of funds is reported within 90 days of the occurrence and multiple claims/incidents are covered up to the sum insured. The policy offers worldwide cover and offers protection while travelling international. "During this Covid-19 era, as you shop online, this insurance will provide coverage against various cyber threats, thus making your online experience worry-free," Singhel said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/google-doodle-celebrates-zohra-sehgal-everyones-favourite-dadi-an-indian-royal-and-doctor-who-star/articleshow/78377815.cms">Google Doodle celebrates Zohra Sehgal — Everyone's favourite dadi, an Indian royal and Doctor Who star</a> <a href="https://www.businessinsider.in/business/startups/news/super30-alumni-founded-startup-wants-to-take-forward-the-legacy-of-his-alma-mater/articleshow/78377011.cms">Super30 alumni founded startup wants to take forward the legacy of his alma mater</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-central-bank-of-india-dhfl-anuh-pharma-shalby-balaji-telefilms-and-others/articleshow/78376167.cms">Top stocks to watch— Infosys, Central Bank of India, DHFL, Anuh Pharma, Shalby, Balaji Telefilms and others</a>

Flipkart partners with Bajaj Allianz to offer cyber fraud insurance for online transactions

MUMBAI: Indian banks are increasingly seeking <keyword id="35450" type="COMPANY" weightage="40" keywordseo="insurance">insurance</keyword> cover against fraudulent online transactions, including those involving credit cards, as a rising use of plastic money and the ease of <keyword id="35619" type="UNKNOWN" weightage="40" keywordseo="internet-business">Internet business</keyword> potentially increase lenders’ exposure to cases of data breach. 
 Data from insurance companies show that large banks are opting for policies worth Rs 500 crore to shield against fraud, including online, while mid-sized banks are going for policies in the range of Rs250-300 crore. “Demand for insurance policy against <keyword id="6359049" type="UNKNOWN" weightage="40" keywordseo="phishing">phishing</keyword>, skimming and Internet hacking has gone up in the last one year,” said TR Ramalingam, head of underwriting at <keyword id="6358511" type="COMPANY" weightage="40" keywordseo="Bajaj">Bajaj</keyword> <keyword id="6443198" type="CITY" weightage="40" keywordseo="Allianz">Allianz</keyword> General Insurance. “Enquiries have gone up and we are working on how to price the product and working on the wording.” 
 Earlier, insurance policies did not include computer-related frauds, but now insurers expect it to be big in coming days. The premium, which depends on several factors, ranges between 1% and 2% of liability the bank is looking to insure. In 2012-13, domestic banks lost Rs17,284 crore on account of fraud, according to information obtained through the Right to Information Act. During the period, 62 banks filed a total of 26,598 cases related to online frauds. <keyword id="818773" type="ENTERTAINMENT" weightage="40" keywordseo="The-situation">The situation</keyword> has compounded the woes of the bank sector where lenders are facing huge non-performing assets. “The policy covers cyber extortion and breach of data privacy,” said M Ravichandran, president, Tata <keyword id="6477487" type="CITY" weightage="40" keywordseo="AIG">AIG</keyword> General Insurance. “There is a lot of talk around cyber insurance and people are actively looking to secure these exposures.” 
 
While companies like Tata AIG have underwriting capabilities for these policies, for others, it is reinsurance driven. Cyber extortion policy pays a ransom to a person who has hacked into the bank’s website with a threat to divulge, destroy or steal confidential information. Last year, ATM cards of a leading private sector bank’s customers were skimmed and about Rs15.48 lakh stolen from accounts.

Rising Online Fraud Pushes Banks To Seek Insurance Cover

New Delhi, Mar 21 () To combat the spread of Covid-19 outbreak, financial services providers have initiated proactive measures to ensure that critical services remain uninterrupted and have asked customers to prioritise the usage of digital mediums. SBI Card in a communication to customers has said it is ensuring that services remain uninterrupted. "With the situation escalating with every passing day, SBI Card has taken proactive measures to ensure uninterrupted services. Safety protocols across all our offices and touchpoints have been enhanced to fight this notified disaster," it said in an email to its customers on Saturday. Country's largest life insurer, state-owned LIC, has asked all its customers to register on its customer portal to avail online services like premium payments. Coronavirus (Covid-19) pandemic has killed over 11,000 and sickened lakhs of people around the globe. Private sector insurer Bajaj Allianz Life has launched WhatsApp services for its policies wherein customers can access more than 20 services without any physical interaction. HDFC Mutual Fund said in wake of this pandemic and in line with the government advisory from time to time, "we are operating with considerably reduced employee strength... We therefore urge you to connect with us on HDFC AMC's digital platforms". On similar lines, YES Bank has asked its customers to opt for digital transactions. "To ensure safety of our teams due to Covid-19, are operating with reduced staff across all locations," YES Bank tweeted. The financial service providers have said that they are ensuring robust infrastructure and business continuity plan especially for critical functions like Information Technology, cyber security, fraud prevention. Further to the various advisories issued by Health Ministry, the companies have urged customers to prioritise usage of digital mediums. PNB Housing Finance said, "as part of PNB Housing preventive measure on Covid-19 outbreak, our offices will remain operational with reduced staff. "We encourage you to connect with us on our digital platforms. ...We wish you and your family good health," it said in a message to its customers. KPM DRRDRR

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Online financial crimes on the rise – How to secure your digital world

Anagh Pal

Flipkart partners with Bajaj Allianz to offer cyber fraud insurance for online transactions

IANS

Rising Online Fraud Pushes Banks To Seek Insurance Cover

Economic Times

Financial service providers step up measures to fight coronavirus, urge digital usage

PTI

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