HDFC ERGO Makes Cyber Insurance Personal With The Launch Of [email protected]
HDFC ERGO announced the launch of ‘[email protected]’, a Cyber Insurance Policy for individuals. This policy aims at providing comprehensive protection to individuals and their families against any cyber- attacks, cyber frauds or digital threats that could lead to a financial loss and or reputational loss.
Today, India is the second largest online market, with a huge potential for exponential growth. But, this great opportunity comes with the menace of cyber risks & frauds which, too, have been growing significantly. According to the National Crime Records Bureau (NCRB) report 2016, there has been an increase in the incidence of Cyber Crimes by 6.3% in 2016 (12,317) over 2015 (11,592).
HDFC ERGO’s [email protected] Insurance policy offers comprehensive protection against cyber risks and frauds carried out from any device and from any location worldwide. Various cyber risks such as unauthorized online transactions, phishing and email spoofing, e-extortion, identity theft, damage to e-reputation & cyber-bullying are covered in the policy. In addition, the policy pays for legal cost and expenses and legal advice sought by the insured in case of a legal dispute arising out of specified risks covered in the policy.
Commenting on the launch of the new product, Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance Company said, “This is a product which is very relevant in today’s time. We live in a digital world, wherein individuals freely share a lot of their personal as well as financial information online. Technology has advanced and so has the increase in cyber-crime rate. Keeping the rising trend of cyber-crime in mind, we have launched [email protected] insurance policy that will protect individuals against the exposures that come with modern connected life like cyber-bullying, phishing, identity theft and more.”
He further added, “We believe in the times to come that [email protected] will become a part of our life and everyone who uses social media, netbanking or surfs the internet will need this product to cover their cyber exposures. This is a latent demand in the internet usage community which we are trying to address through this product.”
A special feature of the policy is that it provides coverage to the entire family including children. Today, even children are present on social media and are susceptible to online stalking or harassment. The policy covers the expenses incurred on counselling sessions with a psychologist due to any traumatic stress one may face as a result of cyber-bullying or harassment.
The sum assured for the cover ranges from Rs 50,000 to Rs 1 crore.