Cyber Insurance for business

Cyber risk is now one of the main concerns for managers. All companies are vulnerable to both internal and external cyber-attacks, independent of their size or the industry they are in. According to INCIBE (Spanish National Institute of Cyber Security), Spain is the third country in the world for attacks. In 2017 115,000 cyber incidents were detected and 70% were aimed at small and medium companies. SMEs are an easy target for criminal organizations because they do not have the same resources as large corporations to prevent losses.

No company is safe from loss of data, independently of its security measures as it is very complicated to eliminate all threats. For these reasons we recommend transferring the risk to the market and buying a cyber insurance policy.

Reasons for transferring the risk are:

 

  1. Financial peace of mind in case of an attack
  2. Changes in the rules, new data protection regulations (RGPD)
  3. Security of client data
  4. Mitigation of risk to reputation and loss of clients in the case of attack

Most important coverage types for cyber insurance

A cyber insurance will reduce the impact on finances and reputation in the case of a breach which affects personal data, confidential information and technical infrastructures. It is a mixed product that covers damage to the insured company and liability for claims by third parties.

Cyber insurance coverage for companies is divided into 4 large groups:

Support in management of the incident

  • Technology containment services.
  • Legal advice and legal costs.
  • Services to notify those affected and a contact centre to resolve queries.
  • Notification of the regulator.
  • Control and monitoring service for the compromised information.
  • Consulting services on communications and reputation.

Internal damage (losses for the insured)

  • Costs of recuperation of data and programmes arising from an incident covered by the policy.
  • Loss of profits.
  • Cyber extorsion: costs of the experts needed to try and resolve and manage the extorsion threat.

Liability for failures in cyber security

 

  • Compensation.
  • Legal costs.
  • Fines for failure to comply with data protection regulations and rules for banking data.
  • Costs of privacy forensics.
  • Costs of privacy inspections.

Liability for digital content

  • Compensation.
  • Legal costs.

What events can activate a cyber insurance policy?

  • Stolen data from users of the Ashley Madison web for extramarital affairs is published.
  • A virus infects the IT network of a chain of opticians and all files are encrypted making it impossible for the branches to function. The data affected includes information on clients and the software needed for day to day running of the business.
  • A supermarket point of sale is infected by an external virus that disables communication between the cash registers and the machine that controls inventory. As a result, the supermarket is left without stock and has to close until the system is repaired.

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