Cyber Insurance provides protection against electronic and cyber risks. Data leak and loss can lead to financial damage and also jeopardize the company's reputation.
If your business is exposed to electronic and cyber risks, cyber insurance is an important part of your risk management strategy to address the underlying risk that you cannot otherwise mitigate through procedures and policies.
What Cyber Insurance covers
The key features of Cyber Insurance are:
- Civil liability (third party claims) for damage suffered due to loss of personal data by the company to which such data was provided.
- Administrative Fines- which can be imposed by the competent authorities for data breach. The new legislation provides for fines of up to 4% of company turnover or EUR 20.000.000.
- Costs and services for managing computer system compromise and loss of confidential information.
- Cyber extortion - Coverage to address extortion-related incidents caused by threats that can damage a network or result in the leak of confidential information.
- Money transfer scams- Sending money to an unknown recipient after receiving a forged document via e-mail.
- Tampering with telecommunications system- Telecommunication charges due to illegal access to the company's telephone exchange.
- Credit Card Fines and Costs- Fines and compliance services for the PCI DSS standard that companies accepting credit/debit card transactions must adhere to.
- Media Liability- Third party liability for damage suffered as a result of the publication of content by the company.
- Business Interruption- Coverage for lost income due to business interruption caused by computer system compromise and loss of confidential information.
