We are living in an era of technology, so the cyber world is not a new topic for us. With the advancement of science, and technology men are trying to excel in their proficiency to complete the creations of nature. The internet is something that human feels to be a vital part of their life. Everyday information is created and communicated at a high speed thus it is necessary to protect ourselves against the risk of a cyber-attack. The usage of the internet on personal computers and mobile phones has been increasing tremendously after March 23. After that, more and more people are using the digital mode to process their payment and this leads to an increase in cyber-attack exposure, especially to the new users, aged people, and people with less technical knowledge.
As the individual using the social media platform to stay in touch with peers and using online platforms for academic as well as for entertainment purposes .and exposed to various cyber-attacks in ways like malware attacks, spyware, ransomware, phishing emails, cyberstalking, etc. There the relevance of insurance against cybercrime comes. And how this insurance coverage protects an individual against the cyber-attack.
Cybercrimes like phishing, spear phishing, and spoofing are common. If an individual is exposed through any of the crime the scammer uses the victim’s personal sensitive information like credit card number, bank account details, etc. If the victim has a cybercrime insurance policy he will be paid not only the loss of funds but also eligible to get the cost incurred for filing a criminal complaint. In addition to that, the insurance company will pay for all the costs of hiring a specialized consultant to mitigate or minimize the loss. There is also an increase in cases like identity theft and hacking of individual social media accounts which can cause reputational damage to the individual in addition to that, the insurance company will pay for all the costs of hiring a specialized consultant to mitigate or minimize the loss. There is also an increase in cases like identity theft and hacking of individual social media accounts which can cause reputational damage to the individual. The comprehensive cyber insurance plan will provide coverage not only for the loss of funds but also covers the cost incurred for counseling services treatment, claim for damages against the third party for privacy, and so on. The main advantage is that the insurance policy is inexpensive and provides coverage against cyber-attack.