SBI Gen offers cover against cyber risks

Mumbai: Individuals can now buy protection against cyber risks, which was largely available only for businesses. SBI General Insurance, an arm of State Bank of India (SBI), has launched the ‘Cyber VaultEdge’ cover that provides financial protection for losses arising out of reputation damage, fraudulent card transactions and theft of personal information due to online activity.
The reputation risk cover also takes into account the financial impact of social media trolling, bullying and stalking. “With digital transformation taking centre stage, individuals are more susceptible to new age emerging risks. We aim to secure individuals by minimising financial losses arising due to internet-based/cyber risks through a comprehensive and affordable product. We will continue to expand our offerings to add value to our customers and safeguard them financially for the future,” said SBI General Insurance deputy managing director Anand Pejawar.To claim under the policy, the insured will have to provide proof of having incurred a financial loss.