An official statement released by the insurer said that in the initial phase, the focus will be on SMEs and mid-market businesses
New Delhi: SBI General Insurance has launched a new product that aims to protect businesses from financial and reputational losses due to cyber attacks, the bank said on Monday. An official statement released by the insurer said that in the initial phase, the focus will be on SMEs and mid-market businesses and the next phase will cater to larger business conglomerates as well.
Cyber breach continues to be a threat
According to the insurance company, the product has been designed keeping in mind the growing threat of cyber breaches and is geared to protect businesses against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption.
“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 cybersecurity,” it said.
What does the product offer?
The insurer said that small and medium businesses work on the presumption that cyberattack techniques that have been used on large enterprises will work on relatively smaller enterprises. The product designed by them 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 statement said.
It added that the product also comes with a robust crisis response service that enables swift and efficient management of cyber events and provides IT forensic investigations, legal advice, reputational and PR management.