What is Cyber Insurance?

Cyber Insurance

Cyber Insurance has been created to protect your company against material and immaterial cyber risks.

Your company datas and information systems are sensible and the core of your business. And, since beginning of XXI century, those have increase  your company’s vulnerability to cyber security threats.

Covid crisis with development of work from home having seen a huge increase of cyber attack around the world

Consequences of Cyber attack going from financial Loss, operational loss, reputation risk to third party liability risk.

Cyber Insurance comes to provide you a first party response on your loss and 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?

Cyber risk might still seems opaque, but there are some important points:

Almost every company today faces cyber risks. Just using Emails, hackers can stoll your identity and use it to fraud your clients. Therefore impacting your third party liability.

Size doesn’t matter. Lot of SMEs think they are less sensible to cyber attack than large business. And so spend less money in their cyber security. Direct consequences make that they are the easiest target.

There are no infaillible security system. Whatever are solutions in place in your company to protect your cyber security. Those would always have loophole and/or would not resist to inventive and resolute hackers. Furthermore this is a permanently moving system with creation of new virus, hack schemes etc…

Check that your security system are compliant with your insurance policy. Many companies think that having a Cyber Insurance exempts them from security protocols. Never forget that a Cyber Insurance come with requirements on your side to maintain your coverage.


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