Digital Growth Story with Robust Cyber Risk Solutions
NATIONAL: India’s digital ecosystem is busier than ever, with over 85% of households own smartphones and UPI dominates digital banking among youth, and around 86.3% of Indian households had access to the internet within household premises according to the Ministry of Statistics and Programme Implementation (MoSPI).
However, this rapid expansion has also widened the threat landscape.
According to a PwC report, nearly a quarter of Indian enterprises surveyed reported losses exceeding USD 1 million (about Rs 8.8 crore) from cyber breaches over the past three years, with the risk particularly high among companies earning USD 5 billion or more in annual revenue.
While these numbers highlight intensifying risks for individuals, they also reaffirm the growing need for reliable cyber insurance protection that can cushion financial losses and provide essential support during a cyber-incident.
Cyber budgets are rising, although at a cautious pace, with 87 per cent of organisations in India planning to increase their cyber security spending over the next 12 months, according to a PwC report.
Commenting on the evolving cyber risk landscape, S Vishwanathan, Head - Underwriting & Reinsurance, SBI General Insurance, said, “Cyber risks today extend far beyond conventional data breaches. With individuals and businesses relying more heavily on digital platforms, threats have become significantly more sophisticated and frequent. This shift underscores the growing need for protection that can keep pace with the evolving landscape. In an era of rising digital dependency, comprehensive cyber cover is no longer optional it has become essential for every digital user.”
SBI General’s cyber offering delivers holistic support through every stage of recovery. It covers legal expenses, data restoration costs through IT specialists, and psychological consultations to help individuals cope with trauma from cyber incidents.
With this comprehensive approach, SBI General Insurance reinforces its commitment to supporting people at every phase of life in an increasingly digital world.
https://indigenousherald.com/
However, this rapid expansion has also widened the threat landscape.
According to a PwC report, nearly a quarter of Indian enterprises surveyed reported losses exceeding USD 1 million (about Rs 8.8 crore) from cyber breaches over the past three years, with the risk particularly high among companies earning USD 5 billion or more in annual revenue.
While these numbers highlight intensifying risks for individuals, they also reaffirm the growing need for reliable cyber insurance protection that can cushion financial losses and provide essential support during a cyber-incident.
Cyber budgets are rising, although at a cautious pace, with 87 per cent of organisations in India planning to increase their cyber security spending over the next 12 months, according to a PwC report.
Commenting on the evolving cyber risk landscape, S Vishwanathan, Head - Underwriting & Reinsurance, SBI General Insurance, said, “Cyber risks today extend far beyond conventional data breaches. With individuals and businesses relying more heavily on digital platforms, threats have become significantly more sophisticated and frequent. This shift underscores the growing need for protection that can keep pace with the evolving landscape. In an era of rising digital dependency, comprehensive cyber cover is no longer optional it has become essential for every digital user.”
SBI General’s cyber offering delivers holistic support through every stage of recovery. It covers legal expenses, data restoration costs through IT specialists, and psychological consultations to help individuals cope with trauma from cyber incidents.
With this comprehensive approach, SBI General Insurance reinforces its commitment to supporting people at every phase of life in an increasingly digital world.
https://indigenousherald.com/