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Tuesday, April 23, 2019

SBI General Insurance :Cyber Defence Insurance



A comprehensive Cyber Insurance coverage with full suite of responsive services

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 reputational losses, SBIG has its new product offering “Cyber Defence Insurance”.

Speaking on this development Mr. Subramanyam B, Head - Underwriting & Reinsurance , SBI General Insurance said, “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’S Cyber Defense comes with CyRUSS (Cyber Risk Underwriting & Solution Suite) – a cloud-based tool for Commercial Cyber polices including risk assessment, ongoing risk management and claim management as well. This will be unique to SBIG.

SBIG’s Cyber Defense Insurance offers both first & third-party coverage benefits including 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.

About SBI General Insurance
SBI General Insurance Company Limited commenced its operations in the year 2010 and is a joint venture between State Bank of India and Insurance Australia Group (IAG).

The company offers a complete suite of products ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering and Liability Insurance in the commercial space.
SBI General Insurance follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, SBI General’s Distribution family includes over 21,000 IRDA certified employees including the State Bank Group employees, and over 8,000 Agents to make insurance easily available even in the remote areas of the country.

SBI General Insurance has established its presence in nearly 23000 branches of State Bank Group. The company’s current geographical exposure covers 110+ cities pan India with a presence of another 350+ locations through satellite resources. 

SBI General Insurance is currently serving three key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment.

For further details, please contact:
SBI General Insurance

Rajul Berde
+91 7045353841
Perfect Relations
Srinivas Vadde
9666222989


SBI General Insurance :Cyber Defence Insurance Reviewed by Investment Guru on April 23, 2019 Rating: 5 SBI General Insurance launches Cyber Defence Insurance A comprehensive Cyber Insurance coverage with full suite of responsive services...

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