Bank of Baroda claims cyber cover after data breach

Bank of Baroda has filed a cyber insurance claim after an employee's email account was compromised, leading to unauthorised access of certain data. The bank's cyber insurance programme has a loss limit of about Rs 300 crore and carries an annual premium of around Rs 6 crore, with National Insurance acting as lead insurer. While core banking systems were not accessed, the incident could trigger regulatory action, with penalties under the IT Act extending up to Rs 5 crore, alongside risks of customer litigation and business interruption.