SBI Cyber Vaultedge Insurance

SBI General Insurance was established in 2009. The company has served more than 10 crore customers till date. The company offers several general insurance policies and Cyber Vaultedge Insurance is one of them. SBI Cyber Vaultedge Insurance policy provides coverage to the policyholder against several types of cyberattacks.

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SBI Cyber Vaultedge Insurance: Inclusions

SBI Cyber Vaultedge Insurance policy provides coverage for the following perils:

  • In case of a cyberattack that leads to the theft of funds due to unauthorised access to a bank account, credit/debit card or mobile wallet.
  • In case of lost wages resulting from identity theft, given that you have reported this to the insurer and the police within 72 hours after the discovery of the incident.
  • Coverage for the reasonable cost incurred by the insured for the prosecution of a criminal case against a third party.
  • Coverage for fees, costs or expenses incurred by the insured for psychological assistance and treatment resulting from identity theft.
  • Reimbursement of any reasonable and necessary cost incurred by the insured due to the involvement of an IT expert after the cyber attack to restore the data or clean the personal device.
  • Coverage for civil proceedings against third-party for committing cyber-stalking or cyber-bullying against the insured.
  • Loss of reputation caused by cyber-bullying or cyber-stalking, the insurer will indemnify the necessary costs for an expert to manage and restore reputation.
  • Reimbursement for any necessary costs to resolve the cyber extortion as well as ransom the insured has to pay.
  • Coverage for cyber incidents resulting from online activity on the insured’s personal device by an underage person (I.e. below 18 Years) who is listed as a family member that the insured failed to prevent.

*To know the policy coverage provided under SBI cyber vaultedge insurance policy in detail along with the terms and conditions, kindly refer to the policy wording provided by SBI General Insurance Company.

SBI Cyber Vaultedge Insurance: Exclusions

SBI Cyber vaultedge insurance policy does not provide coverage for the following perils:

  • Any action or omission of the insured or any misbehaviour which is intentional, dishonest, deliberate, malicious or reckless will not be covered.
  • Any action or omission in the insured capacity as an employee or self-employed person as well as professional or business activity.
  • Loss or damage of tangible property
  • Any kind of consequential loss
  • Bodily injury, psychological harm, trauma, illness or death 
  • Investment or trading losses including without limitation any inability to sell, transfer or otherwise dispose of securities.
  • The cost incurred in the upgradation of your personal device beyond the state existing before the insured event, unless unavoidable.
  • Loss, destruction, misplacement, unavailability, inaccessibility, modification, trading with cryptocurrencies.
  • Gambling
  • Any type of war, use of force or hostile act.

*To know the policy coverage under SBI Cyber Vaultedge Insurance in detail along with the terms and conditions, kindly refer to the policy wording provided by the SBI General Insurance Company.

SBI Cyber Vaultedge Insurance: Claiming Process

To raise the claim under this cyber insurance policy, follow the steps given below:

  • Inform the insurer
  • Ask for the claim form, fill it up, sign it and submit it
  • The insurer will assign an investigator for incident analysis
  • The investigator will also check the severity of the cyber attack
  • The inspection can last for 4-5 hours
  • If the cyber attack is severe then a cyber expert is hired to analyse the incident
  • This process cannot be done by an in-house cyber expert to avoid biasedness
  • All the concerned people have a discussion related to the resolution of the attack including the insured
  • Then the insurer asks the policyholder about the estimated amount of the sustained loss
  • Then all the details are re-reported to the claiming team of the insurance company
  • The claiming team of the insurance company reviews it and post final approval, the claim settlement is done.

SBI Cyber Vaultedge Insurance: FAQs

Written By: PolicyBazaar - Updated: 23 March 2023
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