SBI General Life Insurance has launched a new comprehensive cyber insurance policy for individuals that provides protection against financial loss caused by cyber risks and cyber attacks.
Named Cyber VaultEdge Insurance Plan, it includes a host of features that provide protection against unauthorized electronic transactions, lost wages caused by identity theft and incidents affecting online reputation, including fishing for trolling, bullying and harassment on social media, among others.
According to the insurer, it offers the policyholder guarantees against cyber threats as well as insurance coverage against any event while participating in online activities or during digital purchases.
The company said it released the policy as there has been an upsurge in cyber fraud and cybercrime lately as many people have turned to the digital world during the pandemic.
“The pandemic has led to a significant increase in the adoption of digital infrastructure across all services. Individuals have been forced to adopt the work-from-home (WFH) model and various digital methods of operation for most services, including payments. While this is a welcome development, in terms of the rise of widespread digitalization and internet penetration, the threats of cyberattacks are on the rise,” the company said in a statement.
According to the insurer, the policy also covers legal costs associated with bringing or opposing legal action against third parties and reimburses costs associated with data restoration services rendered by any IT professional. . In order to ensure the mental health of people following such situations, the police also pay the costs of psychological consultations.
“While the internet has made our lives easier, it has also created a riskier world than ever before. With digital transformation taking center stage, individuals are more sensitive to the emerging risks of the new era. At SBI General, we strive to design needs-based products that can meet changing customer requirements. Through SBI General Cyber VaultEdge, we aim to secure individuals by minimizing financial losses resulting from internet-related risks or cyber risks through a comprehensive and affordable product. We will continue to expand our offerings to add value to our customers and protect them financially for the future,” said Anand Pejawar, dy. Managing Director, SBI General Insurance.
Incidentally, data from CERT-In also shows that cybersecurity breaches increased from 2.08 lakh in 2018 to 14.02 lakh in 2021. In contrast, data from private and public banks estimate that cybercrime losses , debit/debit cards, credit cards and online transactions bank fraud totaled Rs. 63.4 crores in 2020-2021.
Interested buyers can visit www.sbigeneral.in or for the SBI General mobile app for further policy details.