With the growing concern on the cyber security ,Cyber insurance is become a hotbed for the BFSI industry, Cybercrimes such as malware, ransomware, distributed denial-of-service (DDoS) attacks, or any other method used to compromise a network and sensitive data. Also referred to as cyber risk insurance or cybersecurity insurance, these products are personalized to help a company mitigate specific risks.
Cybersecurity today has become a boardroom conversation in companies. However, the reality also exists that anyone can be attacked and attacks have a huge financial and reputation impact on companies. To address this sector, State bank of India(SBI) has come out with the General Insurance,( SBI General) which can safeguard businesses from financial and reputational losses caused by the ever growing cyberattacks.
Monday, April 22, 2019, SBI General Insurance launched a product that could protect business from this damage. Initially the insurer plans to focus on SME’s and mid-market business and later would extend it to larger business as well.
This is expected to be offers companies protection against cyber breaches and all major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption. It also offers both first and third-party coverage benefits including coverage options for contingent business interruption, system failure, reputational loss, multimedia liability and computer crime, the insurer said in a statement. The product also come with crisis response service. Through these services companies can enable swift and efficient management of cyber events and provides IT forensic investigations, legal advice, reputational and PR management.
"Over the years, digital advancement has exponentially increased cyber risk exposures for almost all types and sizes of businesses. Cyber attackers work on the theory that majority of the businesses do not spend adequately on shoring up their cyber security," the release SAYS.
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