Digital Desk: India’s digital ecosystem is expanding rapidly, with more people using smartphones, internet services and digital payments than ever before. According to the Ministry of Statistics and Programme Implementation (MoSPI), over 85 per cent of Indian households own smartphones, while 86.3 per cent households have internet access within their premises. UPI has also become the most popular digital banking method among youth.
However, this rapid digital growth has also increased cyber security risks across the country.
A recent PwC report revealed that nearly 25 per cent of Indian companies suffered cyber losses of more than USD 1 million (around Rs 8.8 crore) over the past three years. The risk remains especially high for companies earning USD 5 billion or more annually.
The rising number of cyber attacks has increased the need for cyber insurance protection to safeguard individuals and families against financial loss and emotional stress caused by cyber incidents.
Another PwC report stated that 87 per cent of Indian organisations plan to increase their cyber security spending in the next 12 months, showing growing concern over digital threats.
To address these challenges, SBI General Insurance has urged individuals and families to adopt comprehensive cyber protection as an essential part of digital safety. The company’s Cyber VaultEdge policy provides coverage against a wide range of cyber risks, including online transaction fraud, identity theft, social media harassment, trolling, cyber bullying, extortion and stalking.
The policy offers no deductibles, simple documentation and flexible coverage limits, making cyber insurance easy and accessible. It provides both financial assistance and emotional support to help individuals recover after a cyber incident.
Commenting on the issue, S. Vishwanathan, Head – Underwriting & Reinsurance, SBI General Insurance, said cyber risks now go beyond data breaches and have become more frequent and complex due to increased digital dependence. He added that cyber insurance is no longer optional but essential for every digital user.
SBI General Insurance’s cyber policy also covers legal expenses, data recovery through IT experts, and psychological counselling, helping victims manage the trauma caused by cyber attacks. Through this approach, the company aims to support individuals at every stage of life in an increasingly digital India.
