Banks are picking up cyber security insurance as digital payments rise

At a time when cyber threats are on the rise for banks for increasing cashless transactions and effects of demonetization, insurers are seeing a rise in the demand for cyber insurance and cyber liability insurance, in particular.

This is despite the fact that the industry base for cyber insurance is currently as low as Rs 60 crore.

There are various cyber insurance covers available in the country, but it is the cyber liability insurance which is in maximum demand for the banks, say insurers.

Non-life insurers that provide cyber insurance cover include New India, National, ICICI Lombard, Tata AIG, HDFC Ergo and Bajaj Allianz.

Country's largest lender State Bank of India (SBI), which fell victim to cyber frauds some time back, is now considering insurance to protect its 30 crore customers.

"We have always seen maximum security in all our IT systems. We are now considering to avail cyber insurance covers for our customers," SBI managing director Rajnish Kumar told

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)