Every day, many news are reported for UPI app frauds, look-alike websites, call centre frauds etc. With the rise in digital transactions, cyber-crimes are also increasing. On a larger scale, the Centre for Strategic and International Studies in 2014 estimated annual costs to the global economy from cybercrime was between $375 billion and $575 billion. All major risks like health, theft etc. are covered with an appropriate insurance policy. Since cybercrimes are also becoming a major risk area, whooping 98% of insurance experts in our survey confirmed that new specific insurance plans are needed to be protected from these risks.
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