ICICI Lombard offers cyber insurance to Airtel Payments Bank customers

ICICI Lombard General Insurance on Monday said it is offering cyber insurance to customers of Airtel Payments Bank as rising digital payments and transactions pose a threat of cyber fraud.

ICICI Lombard's cyber insurance solution provides financial protection to customers against potential financial fraud relating to banking, credit or debit card; identity theft; phishing or email spoofing, and more.

Airtel Payments Bank customers can purchase this cyber insurance policy within minutes using the Airtel Thanks app.

The insurance comes with zero waiting period and allows users to make multiple claims multiple times during the policy tenure, within the limits of the insured amount opted for, ICICI said in a release.

The policy will provide a 90-day discovery period followed by a seven-day reporting period. This means that if the insured discovers an unauthorized transaction processed from their card or account on the 90th day from the transaction date, they can still report it in the next seven days to the issuing bank or mobile wallet company.

''The COVID-19 pandemic has blurred the line between home and workplace. With numerous companies normalizing work from home, abundant data is being transcended into the open domain, hence sensitive information is more prone to security vulnerabilities today than ever before,'' Sanjeev Mantri, Executive Director, ICICI Lombard, said.

Ganesh Ananthanarayanan, Chief Operating Officer, Airtel Payments Bank, said it is an important addition to the company's existing bouquet of simple, secure, and value-driven solutions, and ''we hope our users will seek the advantage of this unique offering.''