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Cyber lang_product.cyber.subtitle

Cyber risk insurance insures companies against economic damages that they may suffer in the event of an incident in their computer systems.

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

  • ✔ Security failure

  • ✔ Human errors

  • ✔ Extortion

  • ✔ Business interruption

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.

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