How do countries safeguard depositors' money when banks like SVB collapse?

Find out how governments and central banks ensure that the depositors' money is protected in case of fallout, like Silicon Valley Bank (SVB) here

The fallout of the Silicon Valley Bank (SVB) has once again brought forth the matter of the safety of depositors' money in banks. Before shutting down last week, the bank had deposits worth $175 billion. This makes it the biggest bank to collapse in US history since Washington Mutual Bank's fall in 2008.

To protect the investors' money during any such fallout, governments and central banks worldwide offer deposit insurance.  

What is deposit insurance?

Deposit Insurance is the cover provided to deposit holders in a bank when it falls and does not have enough money to pay back the depositors.