Are you afraid to truly express yourself on Facebook or Twitter because somebody might file a libel suit seeking a big amount in damages? Don’t worry about it anymore: Bajaj Allianz is finalising an insurance policy that would cover any third-party liability arising out of an activity on social media.
“In case an individual faces a litigation and has to pay compensation due to any posts or conversation on a social media website, the cyber insurance product will look into covering the costs,” said Tapan Singhal, managing director at Bajaj Allianz General Insurance. The company is in the process of designing the individual cyber cover that would be similar to existing cyber insurance covers for corporates.
The individual cyber insurance policy will cover risks such as phishing, identity theft, cyber stalking, harassment and hacking of bank accounts.
Cyber insurance market is close to Rs 1,000 crore. It is close to 7% to 10% of the liability market. Insurers expect cyber liability to be a significant share in the total liability insurance pie in the coming three years.