Cyber Insurance Claim Process In India

With the rise in number of internet users, the cybercrimes are also soaring high. According to a survey, 27,482 cybercrimes were reported in the first six months of the year 2017. Thus, there is an urgency to enlighten the individuals to opt for cyber insurance, which can be beneficial for them in case they become the victim of cyber-attacks.

At Bajaj Allianz, we offer India's first Individual cyber security insurance policy that is especially designed to safeguard people from any financial setbacks in case of a cyber-attack. Our Cyber Safe Insurance policy provides coverage to individuals against 10 potential cyber threats:

• 1. Identity theft
• 2. Social media liability
• 3. Cyber stalking
• 4. Malware attack
• 5. IT theft loss
• 6. Phishing
• 7. Email spoofing
• 8. Media liability claims
• 9. Cyber extortion
• 10. Privacy & data breach by third party

If you have purchased our Cyber Safe Insurance plan and if you have been affected by any of the cyber-attacks mentioned above, then you can file an insurance claim with us. All you need to do is lodge an FIR and inform us via a written notice.

Documents required for filing a cyber insurance claim are:

• Duly filled and signed claim form
• Copy of FIR
• Copies of legal notice received from any affected Person/entity
• Copies of summons received from any court in respect of a suit filed by an affected party/entity
• Copies of correspondence with financial institutions with regard to IT theft loss
• Legal notice served on any financial institution and or case filed against financial institution for IT theft loss
• Copies of legal notice served on any third party for any data breach or privacy breach
• Copies of criminal case filed against third party under the relevant insuring clauses
• Copies of invoices for expenses incurred on restoration cost
• Copies of invoices for expenses incurred in IT consultant services cover
• Details/invoices of costs incurred for filing of criminal case /claim for damages against third party
• Proof to show that the personal data is the propriety information belonging to the Insured
• Proof to show that loss is incurred by the Insured

Newton Lee has rightly said that, "As the world is increasingly interconnected, everyone shares the responsibility of securing cyberspace." Being an active internet user your responsibility is to at least purchase a good cyber insurance coverage, which can be of use to you in case you are exposed to malicious cyber threats.