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What is Cyber ​​Insurance?

Cyber ​​or cyber insurance is a type of insurance that helps companies prevent and protect against breaches of the protection of personal and business data due to intrusion into the computer system, employee error, business interruption or network damage.

With society’s ever-increasing dependence on modern technologies in business, the volume of personal and business information owned by companies is increasing tremendously. Information that companies keep in digital or physical form is exposed to breaches of confidentiality by malicious hackers (cybercrime) or due to wrongful or intentional actions of employees. The costs associated with such actions can be unmanageable for the company, even fatal to its existence. Misuse of confidential information can have a major impact on a company’s reputation and the trust of customers and employees.

What is the most appropriate response in the event of an information security incident? Who would you call for advice? How would you communicate with customers, employees and the media? Can your company handle the potential financial burden and loss of reputation from a lawsuit by injured parties?

What coverage is provided by Cyber ​​Insurance?

Cyber ​​events can threaten the operation of any business, regardless of size or activity, and result in reputational loss, business disruption, financial loss and legal proceedings against the company. Adequate cyber insurance provides coverage for the costs you incur and for damages that third parties claim against you:

  • In the event of an incident, guaranteed response and assistance from consultants (IT forensics, lawyers, PR services)
  • Attorneys’ fees and civil penalties
  • Damages for breach of data confidentiality
  • In the event of business interruption, coverage of the consequences of loss of income
  • Costs of informing injured parties in accordance with the Personal Data Protection Act (ZVOP-2)
  • Loss of data, including restoration costs or compensation
  • Blackmail
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