SBI General to Protect Businesses with its New Insurance Product
Updated On Jan 27, 2020
SBI General Insurance recently informed about a product that will protect the businesses against cyber attacks resulting in financial and reputational losses.
As per the insurer, the first phase will focus on the SMEs and mid-market businesses. Later, the product will protect large business conglomerates too.
The product is designed to protect the growing number of threats pertaining to cyber breaches. It will provide protection against serious cyber exposures that can be insured such as hacking attacks, disclosure of private information, business interruption and many others.
As shared by the insurer, "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 the majority of the businesses do not spend adequately on shoring up their cybersecurity”.
This product will offer both first-party and third-party coverage features for small and large businesses. These include-multimedia liability and computer crime, contingent business interruption, reputational loss, and system failure.
The response services under the product allow smooth and efficient management of activities online and offer legal guidance, IT forensic investigations, reputation and PR management too.