What is cyber insurance, what are the benefits of taking it, what is included in the cover?

New Delhi. On the one hand, the expansion of technology has made our life so easy. On the other hand, challenges like cybercrime have also come to the fore. With the advancement of technology, the safety standards are also getting stronger. But, still, cyber thugs trap people in their web in new ways. In such a situation, the facility of cyber insurance has been brought to protect people from frauds caused by cybercrime.

Cyber ​​security has also become an important issue in the rapidly changing digital world. In such a situation, cyber insurance reduces your financial risk in case of recovery from any cyber fraud, data theft, cyber attack, ransomware attack and blackmailing. Let us know about it in detail.

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What is cyber insurance?
Cyber ​​insurance is a policy that reduces the financial loss associated with cybercrime for a business or individual. Cyber ​​insurance is becoming increasingly popular in the country and companies are choosing it for protection from cybercrime. There are two types of coverage available in this. First, when any company’s data is hacked, it gets first-party security cover. On the other hand, if a customer or seller partner files a case against the company for allowing a third party data breach, then third party cover is available.

Very important for safety in the digital world
In today’s digital world, cyber insurance has become very important for safety. According to experts, many types of financial challenges may have to be faced if cyber security policy is not taken. The way the cases of cybercrime are increasing continuously in the country, the need for cyber insurance is also increasing equally fast. It is necessary not only for individuals but also for companies to avoid cyber attacks.

There is a provision for insurance in the Data Protection Bill.
Actually, the central government has considered the safety of digital data as essential. Recently the draft of Digital Personal Data Protection Bill 2022 has been released. It has provisions to take necessary steps for the safety of digital personal data. Cyber ​​insurance provides safety cover from cyber threats. According to government data, by June 2022, more than 6.7 lakh cyber safety cases have been registered in India.

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