Cyber fraud is on the rise and it has become all the more important to insure ourselves and our hard-earned money from scamsters. Most of us use personal email and carry out financial transactions not just from our personal computers and smartphones but even from office computers and public Wi-Fi. Accessing personal information from different devices exposes us to all types of risks. A cyber insurance policy will protect us from online breaches on all gadgets that are connected to the Internet. In India, there are two such cyber insurance plans from general insurance companies - Bajaj Allianz's Individual Cyber Safe Insurance Policy and Cyber Security by HDFC ERGO. While getting such a policy there are three important things to consider. One, what all events are covered in the plan. Second, the sub-limits. And three, which clauses represent the claim against any financial loss. What is covered?Look closely at the inclusions, i.e., what all is covered in the policy. Some plans will … [Read more...] about What to consider while buying a cyber insurance plan
Us government cyber attacks
HDFC Ergo today launched cyber insurance policy for individuals at premium of Rs 3 a day for sum assured of Rs 50,000 to cover against various cyber risks including unauthorized online transactions, phishing and email spoofing, e-extortion, identity theft, damage to e-reputation & cyber-bullying are covered in the policy. This policy has the option for 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. The sum assured for the cover ranges from Rs 50,000 to Rs 1 crore. A policy of Rs 50,000 will cost Rs 1,410 for a year and Rs 1 crore would Rs 25,198. The premium varies from 0.14% of the sum assured to 3% of the scum assured. “Today, India is the second largest online market, with a huge potential for exponential growth,” said Ritesh Kumar MD and CEO HDFC Ergo. “This great opportunity comes with the menace of cyber risks & frauds … [Read more...] about Now buy cyber insurance policy for Rs 3 a day
MUMBAI: The global cyber insurance market could grow to $7.5bn by the end 2020, according to a report issued by PwC at the Monte Carlo Reinsurance Rendezvous today. It is expected to grow to $5bn in annual premiums by 2018. “Cyber Insurance remains a looming risk with steep under penetration in India,” said Anuraag Sunder director PwC. “As ITES, retail, healthcare and related sectors grow cyber insurance for suitable customer data protection become crucial.” In 2010-11 India was the 10th most heavily cyber-attacked country in the world while in financial year 2014-15 it was second only to United States. General insurers provide coverage for cyber. Anecdotal data suggests that the number of cyber policies sold would be around 150, the report said. “Insurers also need to continue to invest appropriately in their own cyber security – a business which can’t protect itself can’t expect policyholders to trust them to protect and advise … [Read more...] about Cyber insurance market set to reach $7.5 billion by 2020: PwC report
Cyber insurance market is gradually gaining traction in India as corporates have increasingly identified cyber-theft to be amongst the most prominent threat to their operations, a report from Data Security Council of India (DSCI) said. Data from the DSCI report showed that 350 cyber insurance policies were bought by Indian corporates in 2018 as against 250 in 2017 marking a 40 per cent increase in the sale of these products. In this period, the average cost of data breach in India rose by 7.9 per cent to Rs.12 crore. India between 2016 and 2018 was also the second most affected country from cyber-threats, according to the report. “As threat surface continues to expand due to rising digitisation in the country, ‘Cyber Risk’ becomes pivotal in the overall risk management strategy… And it is not only the large businesses; one of the recent bank attacks of 2018 highlighted the vulnerabilities of co-operative banks in India, bringing into picture that even small … [Read more...] about Indian cyber insurance market grows 40%
Despite its initial inclination to treat welfare schemes as old-fashioned instances of “vote bank politics”, welfare has become a priority of sorts for the Bharatiya Janata Party (BJP) under Narendra Modi. In its first term, the Modi government launched a number of flagship welfare schemes (such as the Ujjwala Yojana, Jan Dhan Yojana and Ayushman Bharat) and rebranded others. These schemes were also integrated with Aadhaar. In the run-up to the 2019 elections, the central government launched a new cash transfer directed at farmers — PM-Kisan — in response to rising agrarian distress. The pledge to introduce a basic income scheme (NYAY) became a central pledge in the Congress manifesto. We know relatively little about whether such existing and promised schemes made a difference to people’s voting decisions. While the Pulwama attack and its response helped to dislodge questions of rural distress from the centre of the … [Read more...] about Do government’s welfare schemes influence the patterns of voting?