AU Small Finance Bank is currently probing a data breach on a Salesforce-hosted platform housing records for auto loan customers, though it has not formally approached New India Assurance regarding its ₹100 crore policy. This breach follows similar security incidents at the State Bank of India and Bank of Baroda. Because ongoing forensic examinations across multiple targets make total damages difficult to project, insurers fear heavy financial exposure. Industry observers anticipate that these compounding claims could soon drive cyber insurance premiums above their historical range of 0.75% to 1.5% of the total sum assured.
Key points
Rising incidents of cyberattacks leveraging artificial intelligence are elevating claim r…: Rising incidents of cyberattacks leveraging artificial intelligence are elevating claim risks for commercial insurance providers.
Policies typically cover critical expenses including forensic reviews, business interrupt…: Policies typically cover critical expenses including forensic reviews, business interruption, legal costs, and specific data liabilities.
The expanding volume and complexity of corporate breaches are expected to trigger increas…: The expanding volume and complexity of corporate breaches are expected to trigger increases in cyber insurance premium rates.
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AU Small Finance Bank said it's investigating a potential data breach involving a third-party software-as-a-service platform hosted by Salesforce that holds information related to auto loan customers. The bank has a ₹100 crore cyber insurance cover from New India Assurance, which could help cushion the financial impact. However, the lender has not yet intimated the insurer, according to people familiar with the matter. The extent of the potential data exposure and the number of customers affected are yet to be established.
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This follows cyberattacks involving Bank of Baroda and State Bank of India, pointing to growing risks across the banking sector.
Insurers said they had witnessed a spate of attacks on financial institutions and manufacturing companies in recent months. Forensic investigations into several hacks are still underway, making it too early to determine the extent of the breaches and the potential claims.
"The spate of attacks we are witnessing is worrying because hackers are increasingly using artificial intelligence to breach even sophisticated security systems," an…
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