Individuals can now buy protection against cyber risks, which was largely available only for businesses. SBI General Insurancehas 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.
This could be by way of filing an FIR with police authorities or receipt of a legal notice from an affected person or entity or summons from court. The insured can also submit invoices for expenses incurred for the services of a specialist, psychologist, psychiatrist or evidence of unpaid wages. If the insured makes any non-commercial sale (as in sale of old gadgets) and he does not receive payment, that is covered under the policy too.
