SBI General Life Insurance has launched a new comprehensive cyber insurance policy for individuals that provides protection against financial losses caused by cyber risks and cyberattacks.
Named Cyber VaultEdge Insurance Plan, it comes with a host of features that provides protection against unauthorised electronic transactions, wage losses brought on by identity theft, and incidents affecting one’s online reputation, including trolling, bullying, and stalking on social media, among others.
According to the insurer, it provides the policy holder with safeguards from cyber threats along with insurance cover against any occurrences while engaging in online activities or making digital purchases.
The company said that they brought out the policy as there has been a spurt in cyber frauds and cybercrimes in recent times when a lot many people to the digital world during the pandemic.
“The pandemic has led to a significant increase in adoption of digital infrastructure across services. Individuals were forced to adopt the work from home model (WFH), and various digital methods of operating for most services, including payments. While this is a welcome development, in terms of the rise of widespread digitisation and Internet penetration, threats of cyber-attacks are on the rise,” the company said in a statement.
According to the insurer, the policy also covers the legal costs associated with bringing or opposing legal action against any third parties, and reimburses people for costs associated with data restoration services rendered by any IT professional. In order to ensure people’s mental health following such situations, the policy also pays for the costs of psychological consultations.
“While the Internet has made our life easier, it has also created a world that is riskier than ever before. With digital transformation taking centre stage, individuals are more susceptible to new-age emerging risks. At SBI General, it is our endeavour to design need-based products that can address the evolving requirements of customers. Through SBI General Cyber VaultEdge, we aim to secure individuals by minimising financial losses arising due to Internet-based risk or cyber risks through a comprehensive and affordable product. We will continue to expand our offerings to add-value to our customers and safeguard them financially for the future,” said Anand Pejawar, dy. managing director, SBI General Insurance.
Incidentally, data by CERT-In also shows that cyber security breaches increased from 2.08 lakh in 2018 to 14.02 lakh in 2021. In contrast, data from private and public banks estimates that losses from cybercrime, ATM/debit card, credit card, and online banking fraud totalled Rs. 63.4 crore in 2020–21.
Interested buyers can visit www.sbigeneral.in or for the SBI General mobile app for further details about the policy.