Is there insurance for cyber attacks?

The incidence of cyber fraud in the country is increasing day by day so question is there Insurance for Cyber Attacks? Because the common man is facing financial losses due to this.

It is known that Finance Minister Nirmala Sitharaman has spoken to all government insurance companies; she has directed to include issues like cyber fraud in insurance risks.

In the year 2024, the people of the country have had to face losses of 1.77 billion rupees due to cyber fraud, which is double from the previous year.

The Finance Minister said that the needs of customers in the insurance sector are changing, so insurance companies should keep this in mind and bring new products to the market.

Consumer complaints are resolved immediately

He emphasized on bringing various types of health products to the market to increase the scope of insurance and improving customer service and making digital services more effective.

The Finance Minister also said that companies should work keeping in mind the benefits of customers and thinking about their convenience. He asked government insurance companies to increase awareness through social media for the benefit of customers.

The Finance Minister has directed the use of artificial intelligence to make insurance claims more efficient as soon as the insurance premium dispute is completed.

Why is there a need for change?

This type of change is also necessary because the government’s decision has increased the business of general insurance, but it is very low in terms of business.

According to the Finance Department, the business of general insurance in India is like one percent of GDP, while the business of general insurance in the industry is 4.2 percent of GDP. In the last five years, the insurance premium per person in the country has increased from 19 dollars to 25 dollars.

Is there Insurance for Cyber Attacks?| Know How.