Product launched for protection from Cyber Attack

Question: Which company recently launched a product to protect business from Cyber attack loss?
(a) National Insurance Company
(b) United India Insurance Company
(c) SBI General Insurance Company
(d) United India Insurance Company
Answer: (c)
Related facts:

  • SBI General Insurance has launched a product on April 22, 2019 aiming to give protection to businesses from financial and reputational losses due to cyber attacks.

Highlights of the product:

  • The product will focus on SMEs and mid-market businesses in the initial phase and will go to cater larger business conglomerates as well in the coming time.
  • The product gives protection against the growing threat of cyber attacks and is designed to protect against major insurable cyber exposures like hacking attacks, disclosure of sensitive information etc.
  • The digital advancement has led to increased cyber risk exposures for almost all types and sizes of businesses.
  • This product offers both first and third-party coverage benefits. It also includes coverage options for contingent business interruption, system failure, reputational loss, multimedia liability and computer crime etc.
  • The crisis response service alongwith this product enables swift and efficient management of cyber events.
  • It also provides IT forensic investigations, legal advice, reputational and PR management.
  • All individuals using any digital platform need to be mindful of sensitivity of personal information. Taking simple precautions like not sharing Passwords, Transaction OTP and Card CVV numbers, can go a long way in securing data misuse.

Links:
https://www.businesstoday.in/current/corporate/sbi-general-insurace-cyber-attacks-insurance-news-hackers-cyber-crime/story/339221.html
https://cio.economictimes.indiatimes.com/news/digital-security/sbi-general-launches-cyber-defence-insurance-for-businesses/68989232
https://www.sbigeneral.in/SBIG/blog/what-cyber-security-means-your-business