Winning Bizness Desk

Mumbai. After the Covid-19 epidemic, the country resorted to digital technology on a large scale to continue the works smoothly and digitization also saved people's jobs in many ways. However, just like every coin has two sides, digitization also has two sides. On one hand, where your life is getting easier, on the other hand, the danger of cyber fraud is increasing every day. To reduce this risk, the country's largest bank SBI has started CyberVaultEdge Insurance Plan. SBI said that it will protect you from cyber threats and attacks. According to CERT-In, the incidents of cyber security lapses increased to 14.02 lakh in 2021, Which was 2.08 lakh in 2018. According to data published by private and public banks, the loss due to cyber crime, ATM/debit card, credit card and internet banking frauds reached Rs 63.4 crore in 2020-21.

What will be covered

SBI General CyberVaultEdge has been designed by the bank to protect people from the hassles caused by cybercrime, credit card, debit card, theft of personal information and fraudulent transactions. This new plan of SBI provides protection to people against cybercrime and during any activity on the internet or digital taking and assures you against any such incident. The bank said it covers online crimes including unauthorized e-transactions, loss of identity theft, social media trolling, bullying and stalking.

What does the bank say ?

Anand Pejawar, Managing Director, SBI General Insurance said, “While the Internet has made our lives easier, it has also created a world that is more risky than ever. With one coming at the center of digital transformation, one is also exposed to the emerging risks of the new age. Through SBI General CyberVaultEdge, we aim to protect individuals by mitigating the financial losses caused by internet based risk/cyber risks through a comprehensive and affordable product.”

Also bear legal expenses

According to the bank, this plan also bears the legal cost incurred in taking legal action against any third party or defending itself from them. Apart from this, the expenses incurred in restoring the data by availing the services of IT specialists are also covered under this plan. The bank has said that if the victim suffers mental trauma after any such untoward incident, then the expenses of the psychologist will also be borne under the plan.