63SATS bets big on mobile cybersecurity with insurance net in India

With traditional security models unable to control AI-powered cyberattacks, 63SATS Cybertech, part of 63 moons technologies, has built a software platform for smartphone users along with an embedded comprehensive insurance to achieve cybersecurity and a financial safety net across India.

The cybersecurity services firm merged software security and cyber insurance in to one active digital defense super app, CYBX, for everyday mobile users.

Apart from controlling cyber threats, risks, and frauds, 63SATS Cybertech has also tied up with general insurer ICICI Lombard to provide a financial safety net to its cybersecurity app users.

Elaborating on the depth of cybersecurity solutions, 63SATS Cybertech, Joint MD and Joint CEO Srinivas L said Indian smartphone users can now access exchange-grade security coupled with a financial safety net of up to Rs 10 lakh.

"With protection offered for more than 100 threats, including covering digital safety, financial frauds, privacy protection, identity monitoring, and network security, our super app CYBX aims to democratise cybersecurity for every Indian household," he told PTI.

He explained that CYBX acts as a digital companion and a silent sniper, operating discreetly on a smartphone to identify phishing links, malicious apps, and unsafe public Wi-Fi networks that could put one's data at risk.

"It also helps safeguard call privacy by notifying the user about unauthorised call recording or being put on speakerphone, ensuring conversations stay private," he added.

Noting that the domestic digital economy grows and vulnerabilities skyrocket side-by-side, Srinivas said, "the app ensures 360-degree security for commoners. Interestingly, we provide in-built cyber insurance, an India-first mobile cybersecurity policy, covering from Rs 10,000, Rs 1 lakh to Rs 10 lakh."  A cybersecurity technology platform with financial safety cover is a twin benefit for every personal smartphone user, which ensures every Indian can afford protection, he stated.

The cyber insurance covers losses from online shopping and identity theft, as well as privacy and data breach liability, media and social media liability, theft of funds, losses resulting from cyberbullying and cyberstalking, and loss of reputation due to these incidents, among others.

However, the insurer will not cover claims arising from events known to the insured before the policy start date, losses involving cryptocurrencies and gambling-related activities, among other activities.

Srinivas said the company targets to make digital safety a daily habit on the back of CYBX with cyber insurance.