ICICI Lombard and Mobikwik on Monday announced a strategic partnership to provide cyber-insurance cover.

The relationship aims to provide protection against unauthorised and fraudulent transactions online, across bank accounts, debit and credit cards. and mobile wallets.

MobiKwik users can avail the commercial cyber-insurance policy underwritten by ICICI Lombard and enjoy the benefit of stress-free and secured transactions. It can be availed at Rs 99 per month and with a sum insured of Rs 50,000.

"Online transactions expose users to a new class of risks," said Sanjeev Mantri, Executive Director of ICICI Lombard. "Cyber-insurance thereby becomes imperative to provide customers protection against any kind of data security breach."

Upasana Taku, Co-founder and Director of MobiKwik, said: "We are the first mobile wallet company to avail cyber-insurance for its customers. This product was the need of the hour in today's digital era wherein a number of individuals prefer doing their financial transactions online."

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