Desisting from making even small denomination digital transactions, worrying over losing money to scamsters? Here’s a cyber insurance policy that promises to let you transact without that fear of losing money.
SafeHouse Tech, a cyber security solutions company, launched a cyber insurance policy that offers a cover of ₹25,000 on digital transactions carried out on mobile phones.
“We have tied up with HDFC ERGO to launch this instrument. We are charging ₹999 for BodyGuard VIP Plus, a cyber security subscription that comes with the insurance cover. It covers financial losses up to ₹25,000 against any unauthorised digital transactions,” Aditya Narang, Co-Founder and Chief Business Officer of SafeHouse Tech, told Business Line.
The insurance policy covers all kinds of UPI frauds, phishing, spoofing, and any other financial loss due to unauthorised access to a user’s funds. It also covers all bank accounts, credit, debit cards, and payment wallets, the company claimed.
“Upon filling basic user details, the subscribers will receive the policy document on the app which is also sent via SMS or email,” he said.
Sanjay Kaw, President, Commercial Business, HDFC ERGO General Insurance Company, said while the dependency on smartphones has many advantages, it also makes one susceptible to cyber threats.
Founded by Aditya Narang and Liad Herman, SafeHouse Tech is an Indian-Israeli cyber security company that started its operations in India in 2018.
It launched BodyGuard app in 2019 which secures IoT devices and smartphones. “Powered by artificial intelligence, the app ensures that all links you open on your device are secure by identifying harmful URLs. If a link is found to be dangerous, LinkWatch blocks the website and adds it to a blacklist,” he said.
The cyber security start-up, which has about 80 employees, raised about $8.5 million from investors such as Barclays Ventures, Techstars Ventures, Gonpo Tsering, Gopal Das, and Dr. Purnendu Chatterjee.
Published on
September 13, 2022
