Types of cyber liabilities covered by HDFC ERGO cyber sachet insurance

Posted on: Mar 27, 2023 | 3 mins | Written by: HDFC ERGO Team

Types of cyber liabilities covered by HDFC ERGO cyber sachet insurance

Published on March 23, 2023. EST READ TIME: 3 minutes

HDFC ERGO Cyber Sachet Insurance Coverage

Cyber security is more important than one might consider it to be. The amount of time that we spend online, combined with the amount of information that we have online, makes way for a lot of cyber liabilities. If you are concerned about the sanctity of your information online, cyber insurance cover might be one of the better ways to deal with it.

Having adequate cyber insurance coverage will ensure that you and your loved ones have protection against the most common cyber attacks and mishaps. The plan can offer a lot of protection, right from your finances to assets to even legal expenses. If you are considering buying cyber insurance, Cyber Sachet from HDFC Ergo offers a robust set of coverage without putting a dent in your finances. Here are some more details about the plan.

Coverage

The cyber insurance from HDFC Ergo cyber sachet offers you the following coverage.

1. Identity theft

The plan offers coverage against monetary damages, credit monitoring charges, and legal fees resulting from the unauthorised use of personal information online, usually done by third parties. The plan also covers expenses related to the psychological counselling of the insured.

2. Fraud in online sales

Selling products online can be a bit tricky at times. Buyers might buy the product, refuse to pay for it, and refuse to return the product as well. The plan compensates for financial losses suffered as a result of selling things online to such fictitious customers.

3. Network security-related issues

In the connected world that we are a part of, it is quite possible to receive allegations from third parties that their systems have been compromised due to malware that came from your network. It can be one of the bigger cyber liabilities. In such cases, the plan will compensate you with the legal fees to defend you against such allegations.

4. Loss of funds to theft

There are several scams doing rounds where a person can easily lose their hard-earned money. The money could be either in your online wallet, bank account, or even credit and debit cards. Some common techniques used for these scams include spoofing, phishing, and unauthorised access. The plan will cover any financial loss in such instances.

5. Restoration of data

If your system has been attacked by malware and you have lost your data, the policy will compensate you for data recovery. It also applies to data corruption as well.

6. Online shopping-related frauds

It might so happen that you have purchased a product and made the payment in full but have not received any product in return. The plan will compensate you for the financial losses in such occurrences. People who indulge in a lot of online shopping should consider this cyber insurance cover.

7. Cost of replacement

If your computer hardware is damaged or corrupted beyond repair due to a malware attack, the policy will cover the costs associated with buying new hardware as a replacement.

8. Social media liability

A lot of us are quite savvy when it comes to posting things online. If any of your posts cause a privacy violation or violation of copyrights as well, the plan will cover all the legal costs related to the same. If you are someone who is very active on social media, this cyber insurance cover is a must for you.

9. Online bullying

Cyberbullying can be in a few forms. Posting objectionable subject matter about someone is one of them. In such an instance, the policy will cover any legal costs and compensate for psychological consultation for the insured.

10. Online extortion

The cyber insurance policy compensates a policyholder for any cyber-related extortions. It could be ransom that the insured ends up paying due to cyber extortion. The insurance provider will help resolve such issues.

11. Online activities of underaged children

Unknowingly underaged children might get involved in some unwanted activities. For any third-party liabilities due to such activities, the insurance provider will offer you legal assistance and cover the expenses.

12. Smart home

It is possible that your smart home might be affected by a malware attack. During such instances, the plan will cover expenses for sanitising the smart home setup or restoring your smart home setup.

13. Data breach

Accidental leaking of confidential data from any of your devices or even accounts can call for actions from third parties. The insurance cover will provide for legal expenses of such occurrences. The plan will work to protect you against such cyber liabilities.

14. Breach by a third party

On the other hand, if a third party leaks any of your confidential data either intentionally or unintentionally, the plan will cover any legal expenses in such cases.

15. Loss of funds due to fraudulent physical transactions

Loss of funds is not restricted to online activity only. You could lose money due to fraudulent ATMs, fraud at POS machines, and so on. The plan will cover such expenses as well.

Exclusions:

Though HDFC Ergo’scyber insurance, cyber sachet covers a lot of ground, like any other insurance policy, it has some exclusions. In other words, these are the scenarios where your policy will not have your back, and you might even receive claim rejections for the following claims.

1. If any of your devices or hardware has an issue before a malware attack and you wish to upgrade the device, the policy will not cover such expenses.

2. There are a few websites that are restricted or banned by the authorities. Should you visit these and there are any cyber liabilities, the policy will not cover such occurrences.

3. The plan also does not cover any losses that you incur due to your investments or trading. This also includes the inability to sell certain assets and securities.

4. The policy will not cover any expenses related to any legal action taken by any of your family members, irrespective of whether they stay with you or not.

5. The cyber insurance policy does not cover any expenses related to cryptocurrencies. If there is any loss of currencies or coins you are not able to access, the coins are destroyed, the currencies are modified, or any of the tokens or keys are used, the plan will not cover such grounds.

6. Any sort of online gambling is not covered by the policy.

Conclusion

Given the immense online presence of almost everything, protecting yourself and your loved ones is essential. With the help of a cyber insurance plan, you can do so without putting in a lot of effort. Cyber Sachet by HDFC Ergo is one of the most versatile plans when it comes to cyber insurance cover on offer. The above list of inclusions and exclusions will help you to decide better.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

How Different Cybersecurity Coverages Can Protect a Company?

What are the Exclusions in Cyber Liability Insurance Policy?

Does Your Cyber Insurance Policy Cover Your Intellectual Property?

4 Types of Cyber Insurance Coverage in India You Should Know

Cyber Insurance Coverage Checklist: Check What You are Paying for