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IBA Asks Banks to Get Cyber Insurance

September 12, 2018

IBA Asks Banks to Get Cyber Insurance

In light of the several cyber-attacks that have been launched on the banks in the recent times, the Indian Banks Association (IBA) is pushing for cyber insurance covers that can give banks the appropriate protection. 

Although most of the large banks have cyber insurance covers ranging from INR 350 crores to INR 500 crores, the smaller banks are protected just by the Banker’s Blanket Bond which was designed for the banking sector of the pre-Internet era and doesn’t cover cyber heists.

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