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As technology has become increasingly integrated into people's lives, the risks that sensitive personal data could be compromised, including bank and credit card information, has continued to rise. And the theft of personal data can have financial consequences, with cybercrimes affecting individuals and costing them. One way to protect yourself financially against these risks is buying a personal cyber insurance policy, part of a growing insurance market for cyber protection. For now, this market is in its infancy, but now insurance companies are coming up with innovative products to secure this kind of risk. One major insurance company offering personal cyber insurance is Bajaj Allianz. In recent years, the company upgraded its identity theft coverage to include protection from cyber extortions and cyber-attacks. Outside of Bajaj Allianz, personal cyber insurance is offered from insurers like Icici Lombard, HDFC Ergo & Tata AIG. The pricing is very competitive and starts from as low as Rs 3 per day.

Below are the covers an individual cyber protect policy will cover

  • Identity theft

  • Cyber stalking

  • Malware attack

  • IT theft loss

  • Phishing

  • Email spoofing

  • Media liability claims

  • Cyber extortion

  • Privacy and data breach by third party