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:
- Financial peace of mind in case of an attack
- Changes in the rules, new data protection regulations (RGPD)
- Security of client data
- 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
Internal damage (losses for the insured)
Liability for failures in cyber security
Liability for digital content
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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