What is Cyber Insurance?
Cyber Insurance has been created to protect your company against material and immaterial cyber risks.
Your company data and information systems are crucial to the way your business works and communicate with clients or customers. However, since the increase of cyber threats, there is always a risk you may be a victim of a cyber attack.
There are many ways a cyber attack may enter your company’s server and breach your data. The consequences of Cyber attacks are financial loss, operational loss, reputation, and third-party liability risks.
Cyber Insurance provides you with a first-party response on your loss and a third-party response to cover your liabilities occurring with the cyber attack.
What is covered?
Crisis management (7/7 – 24/24):
- Technical assistance
- Legal advice
- Investigation costs
- Notification fees
Financial losses of the insured:
- Incident response costs
- IS recovery costs
- Operating losses
- Telephone and computer fraud, improvement fees, rewards…
Third-party liability in case of:
- Breach of data or network security
- Media liability following defamation or infringement online
What should you know?
The cyber risk might still seem opaque, but there are some important points:
Almost every company today faces cyber risks. Just using Emails, hackers can steal your identity and use it to fraud your clients. Therefore impacting your third party liability.
Size doesn’t matter. A lot of SMEs think they are less sensible to cyber attacks than large businesses. And so spend less money on their cyber security. But, unfortunately, direct consequences make that they are the easiest target.
There is no infallible security system. Whatever are solutions in place in your company to protect your cyber security. Those would always have loopholes or would not resist inventive and resolute hackers. Furthermore, this is a permanently moving system with the creation of new viruses, hack schemes etc…
Check that your security system are compliant with your insurance policy. Many companies think that having Cyber Insurance exempts them from security protocols. However, never forget that Cyber Insurance come with requirements on your side to maintain your coverage.
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