CyberProtection against cyberattacks, data loss and security breaches
Highlighted Coverages
- Data breach
- Security failure
- Human errors
- Extortion
- Business interruption
Detailed Information
- FOR WHOM?
Any company, regardless of its size or activity, who is vulnerable to both internal and external cyber attacks. Spain is the third country in the world that receives the most computer attacks.
In 2016, 115,000 incidents were detected, of which 70% were directed against small and medium-sized companies. The business impact it had was more than 80,000 victims.
- WHY?
The total or partial interruption of computer systems can have a devastating impact on the business and even paralyze it.
Third-party claims related to computer issues mean increasingly higher costs.
The impact on the image and reputation of a company victim of a cyber attack can be incalculable.
- COVERAGES
Data breach
Covers the costs of a breach of sensitive data, whether caused by a cyberattack, a security breach or human error. This coverage includes the costs of notifying those affected, forensic investigations and remediation measures, protecting both the company's reputation and its customers' trust.
Security failure
Protects against financial losses caused by a security failure, such as unauthorized access to networks or a compromised computer system. It includes legal costs, compensation and any penalties imposed by regulators for inadequate security measures.
Human errors
Covers losses and damage caused by unintentional human error, such as sending confidential data to the wrong recipient or accidentally triggering malware. This coverage protects against common incidents that could put the company's critical information at risk.
Extortion
Covers the costs of cyber extortion, where a malicious third party threatens to launch a cyberattack or release sensitive information unless a ransom is paid. It includes negotiation, payment of the ransom if necessary and support from cybersecurity experts to limit the impact.
Business interruption
Covers financial losses from a full or partial interruption of business operations caused by a cyber incident, such as a ransomware attack or a widespread system failure. Coverage includes both lost income and the extra expenses needed to restore operations.
- REAL CASE?
An employee who works at a chain of opticians received an email alleging that he had been caught speeding. For this reason, the employee clicked on a link to view the alleged photo of the violation. Shortly after, he received an email explaining that his system had been infected with a virus that encrypted all the files on the server of all the clinics. The intervened data contained patient information and the software necessary for the operation of the business.
The criminals requested more than €3,000 in Bitcoins to release their data, but our advisors got involved in the negotiations. Ultimately, only 90% of the files could be recovered and the client had to hire an external IT company to recover the remainder. The costs for business interruption were covered since they were unable to provide service to their customers for several days. Costs covered: €60,000.
- Frequently Asked Questions
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Cyber insurance
What cyber risk insurance covers, how it differs from cybersecurity, and from the cover included in a multi-risk policy.
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General questions about InsurCEO
What InsurCEO is, which insurance lines we manage, and how we work as a brokerage specialised in businesses.
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The basics: how insurance works
Premium, deductible, policy wording and exclusions: the concepts worth understanding before taking out a policy.
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Taking out and maintaining a policy
Risk disclosure, endorsements, renewal and what to do when your company's activity or revenue changes.
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When a claim happens
How a claim is reported, what a loss adjuster does, and your options if you disagree with the payout.
Answer a few questions about your business and we'll show you the options. If you'd rather talk it through, we'll call you.
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