Cyber Risk Insurance
Cyber Risk insurance is the world’s fastest-growing type of insurance. It provides financial protection for companies relying on information systems. During cyber attacks, the company may incur losses due to business interruption and data theft.
- Information systems of internet selling enterprise have suffered a cyber attack, which stopped activity of the company.
- The company hired lawyers and public relations specialists to resolve the crisis.
- They had to hire a company that has defined the scale of systems infringement and examined what data was stolen.
- Since some part of the credit card data was stolen, the company had to buy a service for the cards turnover observation.
- The company sent newsletters to all customers affected by the attack and received numerous calls, which made it necessary to hire call center services.
- Company employee opened an infected file and the virus (RansomWare) accessed company‘s systems encrypting most of the company’s financial data.
- The company had to pay a cryptocurrency (Bitcoin) ransom to hackers in order hackers would provide data decryption key.
- Lloyd‘s of London insurers are the most competent professionals of this insurance type.
- In the event of cyber attacks, insurers professionals help to manage and investigate the incident.
- Large limits of indemnity available.