SafeHouse Tech offers cyber insurance to protect customers against digital payment frauds

Hyderabad, January 4, 2023: SafeHouse Tech, a cyber security company, has announced a partnership with HDFC ERGO General Insurance to offer unique cyber insurance through its BodyGuard app in Telangana and other states. The app, which already provides various digital protection features, now includes coverage for financial losses from digital frauds for individual customers. The cyber insurance cover aims to keep customers "internet-insured" by providing them with 1 year of complimentary coverage of INR 25,000 from HDFC ERGO against unauthorized digital transactions, as well as priority support and a dedicated claim desk. 

SafeHouse Tech is focused on providing a secure and private internet experience and has launched cyber insurance in an effort to mitigate financial losses. As the first cybersecurity company in India to offer cyber insurance, SafeHouse Tech is committed to ensuring that individuals are both secured and insured against financial cybercrimes. Telangana is among the top three states in India that have recorded the highest cases of cyber crimes in the country, with almost 85% of cases classified as financial crimes. 

Speaking about the new offering, Ruchir Shukla, MD-India, SafeHouse Tech, said “At SafeHouse Tech, we are committed to providing the most secure and private internet experience for our growing community of 2.5 million users. We are excited to bring to Telangana the first-of-its-kind package of product and policy - BodyGuard VIP Plus - which comes with INR 25,000 worth of financial loss coverage powered by HDFC ERGO. Our existing and new users can now mitigate the risk of financial loss with this coverage, in addition to the state-of-the-art cyber defense they already have. “

As demand and usage of UPI have significantly increased in India over the past year, UPI fraud cases have also increased. In 2022, there were a total of 146,495 fraudulent activities involving UPI reported on the National Cybercrime Reporting Portal, with 62,350 UPI-related complaints in the first quarter (Q1) and 84,145 in the second quarter (Q2). It is expected that the reliance on UPI will continue to grow in 2023, making cyber insurance even more important to protect against potential financial losses.