India-based SBI General Insurance (SBIG) has rolled out its new offering known as Cyber Defence Insurance to offer protection to businesses against the growing threat of cyber-attacks.
The general insurer, initially, plans to offer the cyber insurance coverage to small and mid-sized enterprises (SMEs) and mid-market businesses.
Later, it will be offered to the larger business conglomerates, PTI reported.
The new product, according to SBIG, is effective in preventing major cyber exposures such as hacking attacks, identity theft, disclosure of sensitive information and business interruption.
SBI General Insurance head of underwriting and reinsurance Subramanyam B told PTI: “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 & 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.”
SBIG offers its Cyber Defense with Cyber Risk Underwriting & Solution Suite (CyRUSS) – a cloud-based tool for commercial cyber polices. The tool helps in risk assessment, on-going risk management and claim management.
SBIG’s cyber insurance plan delivers both first and third-party coverages such as coverage options for contingent business interruption, system failure, reputational loss, multimedia liability and computer crime.
The crisis response service that comes with this product enables swift and efficient management of cyber events and provides IT forensic investigations, legal advice, reputational and PR management.