Cyber attack insurance: why take out this insurance?
Cyber attack and Covid19
The Covid-19 crisis has led to a considerable increase in data traffic on the Internet: meetings and downloads have multiplied by telematic means (videoconferences, increase in e-mails...) This increase in cyber activity has been accompanied by an increase in cyber attacks.
Many companies have liability or damage insurance to protect their assets (e.g. fire or theft of business premises) but few companies have insurance against the consequences of a cyber attack (business interruption due to system blocking, hacking and data publication).
SMEs are the main targets, especially in recent months when staff are working at home, sometimes from personal computers and almost always via home networks, making it difficult to defend against cyber attacks.
What is the purpose of cyber attack insurance?
These insurances provide a service of specialised computer experts to resolve the incident (access to systems, data recovery and malware removal, payment of the ransom....).
In addition, according to the terms of the policy taken out, they will cover civil liability for damage caused to third parties (customers, suppliers) as a result of an attack on the insured's computer systems, but also loss of income resulting from the interruption of business following a cyber attack that temporarily disabled the company's computer systems preventing the normal development of its activity.
These insurances usually contain data protection cover, not only to mitigate damage to third parties after a security breach, but also to protect the insured's property against penalties arising from a breach of data protection rules. (GDPR)
Consequences of a cyber attack
- Stopping the activity following the loss of data (customer contacts, suppliers, invoicing, stock ...)
- Costs of data recovery, restoration and cleaning of the computer system
- Publication of confidential data with the legal implications (RGPD).
Who is it directed to?
Insurance is aimed at any type of company, regardless of its size or activity.
Inov Expat : Who are we?
INOV Expat is an insurance brokerage firm aimed at expatriates in Spain and Portugal
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