People now have access to a new comprehensive cyber insurance plan from SBI General Life Insurance that will shield private individuals from financial losses due to cyber threats and cyberattacks.

The Cyber VaultEdge Insurance Plan, as its name suggests, gives protection against things like trolling, bullying, and stalking on social media, as well as situations that might harm one’s online reputation. It also covers salary losses brought on by identity theft. SBI General Cyber VaultEdge also covers any legal costs associated with bringing or opposing legal action against any third parties and reimburses people for expenses related to data restoration services rendered by any IT professional. In order to protect people’s mental health, Cyber VaultEdge also pays for psychologists’ consultation fees for trauma or stress brought on by such events. Anyone vulnerable to cyber dangers can get this protection for themselves and their family. Self, spouse, and two dependent children make up the family (up to 18 years of age). The usage of digital infrastructure across services has significantly increased due to the epidemic. Although this is a positive development, the possibility of cyberattacks is also growing as a result of greater digitalization and internet use. According to statistics given by private and public banks, losses from cybercrime, ATM/debit card, credit card, and online banking fraud were anticipated at Rs. 63.4 crores in 2020–21. According to CERT-In, cyber security incidents increased from 2.08 lakh in 2018 to 14.02 lakh in 2021.

The policy addresses the increased dangers that people now face due to cybercrime, including reputational harm, fraudulent use of debit and credit cards, theft of personal information, etc. Online encryption is more crucial than ever because of rising digitalization and online transactions. While the internet has simplified our lives, it has also made the globe more dangerous. Consumers are increasingly vulnerable to emerging threats due to the prominence given to digital transformation.

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– Aarav Gupta

Edited By: Sabrina Bath

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