In a bid to address the need of security from virus and other online attacks, SBI General Insurance Company is in the process of formulating a product that would provide protection to the Small and Medium Enterprises (SMEs) along with individuals and corporates.
Pushan Mahapatra, MD and CEO at SBI General Insurance in a press interview informed about the plans.
He said that the country is beginning to face a different kind of fraud in digital transactions. Therefore it becomes inevitable to transact without a proper security system in place. The New product by the company aims to address this concern.
Citing Statistics, Mahapatra informed that on an average, 12,000 million digital transactions take place in the country and there are over 0.005 per cent to 0.007 per cent frauds that occur.
The software for protection will be customized to suit the needs of small businesses as well as individuals and big corporates.
SBI General Insurance is a company under the collaboration of the State Bank of India and Insurance Australia group.