With digitalization and advancement in internet technology, your assets too are moving gradually into the digital world. Internet might have given us convenience, but, at the same time it has deemed to be a dangerous place that might expose you to cyber risks. These risks include, fraudulent transactions involving your debit cards, credit cards, damage to your e-reputation, etc. Mostly, every business view internet security as a mixture of passwords, anti-virus software as well as firewalls. However, with the number of cases growing day-by-day; those defences certainly haven’t been enough.
Today due to the increased internet penetration, social media as well as digital banking transactions, accidentally we all are exposed to cyber-attacks. Misuse of your financial information to cyber stalking, data theft, etc. is all taken care by Retail Cyber Insurance. Understanding the new-age risk factors as well as its impact, Retail Cyber Insurance offers you optimum protection against any sort of cyber risks and threats. It covers social media liability, malware attack, identity theft, IT theft loss, cyber stalking, etc. Providing protection to the individual customers in case of an online breach that would directly arise from the internet usage, by the third-parties causing due to covered risk, is the main goal of ‘Retail Cyber Insurance’.
This type of insurance is good for daily online users. Any risks that are associated with fraudulent activities such as identity theft, cyber stalking, IT theft, and malware attacks, loss and social media liabilities, etc. are covered.
This type of insurance offers coverage for any cyber risks that are associated with IT firms. This is because IT firms are responsible when it comes to storage of the customers’ personal as well as the financial data on the servers.
With the availability of internet, we spend time to shop, surf as well as meet new people. At the same time, there are risks associated too cyberspace. With Retail Cyber Insurance in place, you can cover these risks in the event of online breach in today’s internet era. Let’s find out in detail what this Retail Cyber Insurance covers:
The Retail Cyber Insurance doesn’t cover the below mentioned instances:
Any individual who is 18 years above age can buy the Retail Cyber Insurance Policy.
Any illegitimate transfer of data that is available on the digital platform is referred as a ‘Cyber-attack’
Usually, cyber insurance is available only for a fixed tenure of 1 year.
Yes, reporting tenure can be extended depending on the insurer. However, usually a period of 90 days is allowed for extension
The National Security Council Secretariat is the nodal agency for cyber security
A Retail Cyber Insurance is very easy to apply. Mentioned below are the steps how it functions:
You very well know that you’ve paid for it but are hoping to never require using it! When you file an insurance claim, you probably have suffered some type of loss or damage that is insured by your Insurer. This is when your Insurer offers you coverage and compensation for the losses covered or for the damages after validating your claim. So it is vital to be familiar with the claim process to avoid any headache at the later stage.
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Know about the cyber insurance and importance of buying a cyber-insurance policy for your business. Also, read about how you can choose the best cyber insurance plan.
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