Getting cyber insurance policies are priority to Public Sector Banks

Public sector banks, which are considered laggards in the digital space, are pulling up their socks in cyber insurance. Many state-owned commercial banks are rushing to buy insurance for threats such as hacking, including data loss and associated liabilities. This comes in the wake of the Reserve Bank of India tightening reporting for banks, which for long ignored cyber threats, as well as a greater realisation among banks about the potential dangers of living in a digital world without cover.