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.
Over the years, digital advancement has exponentially increased cyber risk exposures for almost all types and sizes of business. 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…
