The cyber insurance solution protects customers from a wide range of financial frauds. Credit: vicky gharat from Pixabay.

India’s Airtel Payments Bank has announced a partnership with ICICI Lombard General Insurance to offer cyber insurance to its customers.

The ICICI Lombard’s cyber insurance solution will provide customers with protection against a wide range of financial frauds related to banking, credit/debit card as well as email spoofing, phishing and identity theft.

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Airtel Payments Bank chief operating officer Ganesh Ananthanarayanan said: “We are pleased to partner with ICICI Lombard to offer this product to our customers.

“It is an important addition to our existing bouquet of simple, secure and value-driven solutions, and we hope our users will seek the advantage of this unique offering.”

Using Airtel Thanks app, customers can purchase the cyber insurance policy. It has no waiting period feature allowing the buyer to make multiple claims during the policy tenure for the amount insured.

The policy offers a 90-day discovery period followed by a seven-day reporting period.

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ICICI Lombard executive director Sanjeev Mantri said: “The Covid-19 pandemic has blurred the line between home and workplace.

“With numerous companies normalising work from home, data is being transcended into the open domain, hence sensitive information is more prone to security vulnerabilities.

“We are excited to partner with Airtel Payments Bank as this tie-up will assert the company’s pledge to provide innovative new-age risk solutions to our customers to prevent cyber-attacks exploding in the era of digital transformation.”