EXPLAINED: What is SBI Cyber Defence Insurance? How it will benefit businesses in India?
Cyber security or cyber insurance is an emerging sector for increasing resilience among businesses and SBI General Insurance has put an effort in this regard.
Cyber Security: To contain increasing resilience among businesses, especially among the SMEs, SBI General Insurance (SBIG), one of India’s fastest growing General Insurance company has announced the launch of its new product - Cyber Defence Insurance. The product will offer cyber insurance to businesses. While in the initial phase the intent is to focus on SME, mid-market businesses, it can cater to the larger business conglomerates as well. This niche product ‘Cyber Defence Insurance’ offers protection against the growing threat of cyber breaches. It is designed to protect against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption.
Speaking on the development, B Subramanyam, Head - Underwriting & Reinsurance at SBI General Insurance said, “Cyber insurance is an emerging sector for increasing resilience among businesses and is one solid step in shoring up the cyber defence. Because there is no 100 per cent security, businesses need to move towards cyber-resilience combining security measures & risk management. With this product, we, at SBIG, offer various post-event services that a customer needs when a cyber event happens. This includes delivery of a 24/7 incident response service and offers the policyholder immediate support when a cyber incident occurs. This, in turn, ensures that our customers are well protected at every step in their growing business.”
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Hailing the SBI General Insurance move Rajeev Chawla, Chairman, IamSMEofIndia said, "The crisis response service that comes with Cyber Defense Service offered by the SBI General Insurance enables swift and efficient management of cyber events and provides IT forensic investigations, legal advice, reputational and PR management." He said that digital advancement has exponentially increased cyber risk exposures for almost all types and sizes of business. Cyber attackers work on the theory that the majority of the businesses do not spend adequately on shoring up their cyber security. They work on the presumption that cyberattack techniques that have been used on large enterprises will work on relatively smaller enterprises. It therefore extremely important for businesses to be well prepared for these emergencies. To help defend such businesses from resultant financial and/or reputational losses, SBIG has its new product offering “Cyber Defence Insurance”.
SBIG’S Cyber Defense comes with CyRUSS (Cyber Risk Underwriting & Solution Suite) – a cloud-based tool for Commercial Cyber policies including risk assessment, ongoing risk management and claim management as well. This will be unique to SBIG. SBIG’s Cyber Defense Insurance offers both first & third-party coverage benefits including coverage options for Contingent Business Interruption, System Failure, Reputational Loss, Multimedia Liability and Computer Crime.
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