Back in the day when Robert E. Kahn invented the internet, he did foresee the future but little did he know that the number of users would grow rapidly, making the internet reach over half of the global population.

Internet is indeed a wonderful space, with a well-balanced amalgamation of everything that one might need. But this is just one side of the story. Internet is also filled with cyber predators, ready to pounce on you and your data with their technological upper hand.

Did you guess it? No? Let us paint a clearer picture. In recent times, a cyber security breach is something everyone has been dreading. Be it the personal information or classified business documents, cyber hackers have their own ways to take away the important data from your possession.

Not only can this lead to a potential misuse but can also cost a company an entire fortune. But wait, there is still a ray of hope for all you people and the companies as well. You heard that right, and don't worry the answer is simpler than you might think. Cyber insurance policies have been gaining significant popularity and user base, all thanks to their uniqueness.

A cyber insurance policy is basically a regular insurance but covers your online data and information. In simpler words, it's an insurance policy for your confidential documents that are stored on the servers or cloud systems.

Property that can be covered under cyber insurance includes but is not limited to cloud systems, saved transaction details, sensitive data stored as encryptions and also your everyday passwords and login credentials. One key player, Bajaj Allianz is offering Cyber Safe Insurance which is expected to cover majority of the cyber assets for an individual/organisation. This policy majorly includes: Identity Theft Cover, Social Media Cover, Cyber Stalking, IT Theft Loss Cover, Malware Cover, Phishing Cover, E-mail Spoofing, Media Liability Claims Cover, Cyber Extortion Cover and Privacy Breach and Data Breach by Third Party. You can find all the details here.

If we talk about the advantages, cyber insurance is a fairly new instrument and not that popular in many countries, and hence its impact is very difficult to quantify. However, from whatever information is available, we can say it for sure that cyber insurance offers a great deal of normalisation when it comes to fair distribution of the risks among the premium payers. Apart from being beneficial in a large-scale security breach, a cyber insurance provides a smooth funding mechanism for recovering from major losses.

Cyber insurance is gaining widespread popularity in the Western market and is being bought increasingly with other IT Security software. If you are worried about a potential loss of information, contact MILB for assistance on cyber insurance.