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Rise in cyber crime pushes IRDAI to recommend expanding insurance cover for victims

Cyber insurance providers were asked to expand coverage and change settlement procedures in light of rising cyber attacks.

Personal cyber insurance policies should cover cases of online shopping frauds and individual negligence, the Insurance Regulatory and Development Authority of India (IRDAI) has suggested in its product structure for cyber insurance released on September 8. As consumers' personal and financial data are increasingly stored online, they also bear the risk of becoming targets of cybercrime. IRDAI's recommendations could aid insurance providers in designing insurance policies that mitigate that risk. IRDAI's key recommendations for cyber insurers In October last year, IRDAI had formed a working group to come up with a policy that standardises the wording on cyber insurance policies. In the new product structure, IRDAI announced that it has decided against enforcing such standardisation, and is only making the following recommendations regarding the coverage and settlement procedures of such insurance policies: Include individual negligence: Current policies require individuals to take due diligence…

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