SafeHouse Tech, SecureNow bundle cyber security solution with insurance; eye 10 lakh subscribers by 2023

Cyber security solution provider for mobile handsets Safehouse Tech (SHT) said it has become the first firm to bundle insurance cover of up to Rs 25,000 with its offerings and eyes 10 lakh subscriptions by end of 2023. Safehouse Tech has collaborated with tech-enabled insurance broker SecureNow to develop a cyber-liability insurance and integrate into its core BodyGuard mobile security application. This insurance against financial loss is provided by HDFC Ergo.

Talking to PTI, Ruchir Shukla, MD- India, SafeHouse Tech, said,”We are providing a first-of-its-kind product whereby you would get cyber security and cyber insurance cover for unauthorised digital transactions of Rs 25,000.”

Safehouse Tech, an Indian-Israeli company having over two million Indian users, is present in over 5,000 stores across the country. BodyGuard mobile security appilcation is the flagship product of Safehouse Tech.

Kapil Mehta, Co-founder and CEO of SecureNow Insurance Broker Pvt Ltd, told PTI that the company is eyeing 10 lakh subscribers by 2023.

Mehta said, “We would definitely get the first mover advantage and hope to get 10,00,000 subscribers for this bundled service by the end of 2023.”

He explained that this cover is being provided to a person and it will not be limited to just one mobile handset on which the cyber security application is used.

He explained further that the subscriber will get claims of up to Rs 25,000 for any unauthorised digital transaction using his credit card, debit card, mobile wallet and UPI from any device within two days of completing documentation.

Shukla said that his company is also working on an upgrade on cyber insurance for the existing two million subscribers of the Bodyguard mobile security application.

He said that the bundled product will be available in 5,000 stores across the country where mobile handsets are sold.

The number of cyber crime incidents is at an unprecedented level. Active technology users and senior citizens are the most vulnerable, he pointed out.

The number of cases reported by police is over 50,000 a year but actual number of incidents are significantly higher, he said, adding that the cases of phishing emails and other cyber scams have increased exponentially in the recent past.

Shukla exuded confidence that the subscription of cyber security protection solutions bundled with insurance for unauthorised digital transactions would become necessary for people with rising awareness levels in the coming days.

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