SBI General Insurance launches comprehensive cyber insurance cover for individuals

SBI General Insurance has launched the Cyber VaultEdge insurance plan, a comprehensive cyber insurance cover for individuals that provides protection against financial losses arising from cyber risks and attacks, said the firm in its statement.

The pandemic has led to a significant increase in adoption of digital infrastructure across services. Individuals were forced to adopt 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 rise of widespread digitisation and internet penetration, threats of cyber-attacks are on the rise. According to CERT-In, cyber security incidents jumped to ₹14.02 lakh in 2021 from ₹2.08 lakh in 2018, meanwhile, the losses due to cybercrime, ATM/debit card, credit card and internet banking fraud were estimated at ₹63.4 crore in 2020-21, as per data published by private and public banks.

To address the heightened risks that individuals face due to cybercrime and instances of reputation damage, fraudulent transactions with credit cards, debit cards, theft of personal information, etc., SBI General has designed SBI General Cyber VaultEdge which offers a range of benefits and protects individuals against cyber risks, allowing them to be assured against any such instances while conducting activities on the internet or during digital transactions. It covers unauthorised e-transactions, loss of wages resulting from identity theft and instances impacting online reputation including social media trolling, bullying, and stalking, said the firm.

Anand Pejawar, Dy. Managing Director, SBI General Insurance, said “While internet has made our life easier, it has also created a world that is riskier than ever before. With digital transformation taking center-stage, individuals are more susceptible to new age emerging risks. Through SBI General Cyber VaultEdge, we aim to secure individuals by minimising financial losses arising due to internet-based risk/cyber risks through a comprehensive and affordable product.”

SBI General Cyber VaultEdge also takes care of any legal expenses incurred in pursuing or defending legal action against any third parties and reimburses individuals for expenses incurred to restore data by availing services of any IT specialist. To ensure the mental well-being of individuals, Cyber VaultEdge also covers consultation expenses of psychologists for trauma or stress arising due to such incidents, said the firm.