How cyber insurance protects you against financial frauds

Subscribe to enjoy similar stories. The last couple of decades have witnessed a digital revolution that has completely transformed daily life. From grocery shopping to banking, every task is now just a tap away.

However, while this offers a lot of convenience, an invisible threat also looms: cyber fraud. This threat often catches even the smartest and tech-savvy individuals off-guard. Take the case of Ananya Sharma, a 32-year-old IT professional from Bengaluru.

She received a text about an urgent electricity bill payment to avoid disconnection. Trusting its authenticity, she clicked the link and paid — only to lose ₹80,000 from her account. The message was a scam, and Ananya became another victim of cyber fraud.

Ananya is not alone. Stories like hers are quite common these days. Cyber scams, from phishing to digital arrests, are increasingly sophisticated, leveraging AI and deepfake technology to deceive even the cautious.

The consequences aren’t just financial; they leave lasting emotional scars. This is where cyber insurance comes in. Just as life insurance and health insurance are traditionally seen as safety net for our lives, cyber insurance is a must since our lives are becoming increasingly digital.

These policies also help one avail expert support to handle these crises effectively. Also Read: Vivek Kaul: Financial frauds evolve fast but it’s not as if we’re helpless Pictures tell a thousand words, and sometimes, figures tell a million. More specifically, it is estimated that almost one-and-a-half million cyber fraud cases are reported in India in a single year.