You like the convenience of online financial transactions but are wary of the risks? You can now buy insurance to protect yourself from cyber frauds. Bajaj Allianz General Insurance and HDFC ERGO are offering such covers.
Commonly bought by banks and corporates, the awareness about cyber covers among retail individuals has so far been limited. However, this is set to change with more insurers expected in the market with similar products. “In the months to come, several products covering cyber risks could be rolled out in light of heightened concerns around security of online transactions and data,” says Manoj Kumar AS, Senior Vice-President and Head, Liability, and Mumbai Branch, Global Insurance Brokers.
