On Monday, SBI General Insurance announced the launch of a product to shield companies against the financial and reputational losses brought on by cyberattacks.
The product will initially target SMEs and mid-market companies, but subsequently it will also be able to serve larger company conglomerates, according to a statement from the insurer.
It is made to guard against significant insurable cyber exposures such hacking assaults, identity theft, the revelation of sensitive information, and business interruption and provides protection against the growing threat of cyber breaches.
“Digital development has expanded cyber risk exposures for almost all organization types and sizes exponentially over time. Cyber attackers work on the theory that majority of the businesses do not spend adequately on shoring up their cyber security,” it said.
They operate under the premise that cyberattack strategies utilised against major corporations will also work against relatively smaller corporations.
According to the company, the programme provides benefits for both first- and third-party coverage, including options for coverage of potential business disruption, system failure, reputational loss, multimedia liability, and computer crime.
It also provided IT forensic investigations, legal counsel, reputational and PR management, as well as the crisis response service that is included with this offering, which enables quick and effective handling of cyber disasters.
