Bajaj Allianz launches first cyber insurance cover
In Action Summary
Bajaj Allianz has launched first of its kind cyber crime insurance for individuals called Individual Cyber Safe policy. The policy is positioned for towards those cyber-attacks, cyber extortion and cyberbullying and covers against financial losses, defence costs, prosecution costs, loss stemming from IT theft, restoration costs due to identity theft and malware attack.
The Cyber Safe can also be bought online
According to Tapan Singhel, Bajaj Allianz CEO has said of this product: “In an increasingly connected digital world, the amount of personal data being generated, transmitted, and stored on various digital devices is also growing at an exponential rate. The critical nature of this data and the complexity of the systems that support its transmission and use, have created a gamut of cyber risks.”
Ultimately, this product is notable for the scope of cyber risks that it protects against in addition to the real time support it offers policy holders.
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