SBI General has some good news for SMEs and others, launches this new protection product
Cyber Defence Insurance is designed to protect against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption.
SBI General Insurance (SBIG) today announced the launch of its new product to protect businesses from financial and reputational losses due to cyber attacks. The new product, Cyber Defence Insurance, will offer cyber insurance to businesses, said SBIG statement, adding that in the initial phase the intent is to focus on SME, mid-market businesses, later can cater to the larger business conglomerates as well. Cyber Defence Insurance is designed to protect against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption. It will, therefore, offer protection against the growing threat of cyber breaches.
Speaking on this development, Subramanyam B, Head - Underwriting & Reinsurance, 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% security, businesses need to move towards cyber-resilience combining security measures and 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 policy holder immediate support when a cyber incident occurs. This in turn ensures that our customers are well protected at every step in their growing business,” he added.
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According to the statement, over the years, digital advancement has exponentially increased cyber risk exposures for almost all types and sizes of business, adding that cyber attackers work on the theory that 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”, the SBIG said.
Notably, Cyber Defense comes with Cyber Risk Underwriting & Solution Suite (CyRUSS) – a cloud-based tool for Commercial Cyber polices including risk assessment, ongoing risk management and claim management as well. This will be unique to SBIG.
It will offer both first and third-party coverage benefits including coverage options for Contingent Business Interruption, System Failure, Reputational Loss, Multimedia Liability and Computer Crime, said the statement.
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Further, the crisis response service coming with this product will also enable swift and efficient management of cyber events and provides IT forensic investigations, legal advice, reputational and PR management, the added.
