Cyberrisk insurance

Protects your company from hackers and cyber-attacks. Insures against claims by third parties, such as customers or business partners, arising from data security breaches, while also covering additional and internal costs, such as information costs, forensic costs, or the cost of restoring data and hardware.

Examples: Why a cybercrime insurance makes sense

Extortion in digitized form

A general practitioner is blackmailed with stolen patient information after hackers have managed to crack and copy it from the patient's electronic medical records. The physician will be informed by e-mail about the attack and should pay a sum of money via Western Union. Only then the blackmailers want to refrain from publishing the data and not call the doctor in this context by name.

Sabotage of data

The trainee of a marketing agency downloads a movie while working. The download is first stored on the company server, where two other employees access and copy it. The film was infected with a virus and could spread after its call over the internal network. Many files have been irretrievably deleted by the virus. Employees work a lot of overtime, but not all deadlines can be met. Important customers leave and the image of the agency takes additional damage.

Misuse of data

Through a hacker attack, the customer database of a furniture store is cracked and thereby u.a. stolen all stored credit card information of the customers. The furniture store incurs high costs for forensics, necessary technical improvements as well as compensation claims of the affected banks.

DDoS Attack (Denial of Service)

An online mail order business for outdoor and military supplies, which has a market share of approximately 70% of total revenue, is paralyzed by a DDoS attack. In this case, a group of left-wing activists launch an attack on a bot-net because they believe that the online mail order business has connections to nazi-networks. The attack will continue for a few days, so that the shop can only be reached again after technical optimizations. In addition to the costs for the technical optimization, the business loses reputation and sales.

Useful information about cyberrisk insurances

Tradespeople, freelancers and others who conduct their data management electronically.
Insured are justified liability claims, depending on the scope of the contract, which have arisen from the misuse of your stolen data. The insurance company pays compensation up to the amount of damage incurred, in case that the obligation to pay compensation has been detected. The maximum payment is the contractually regulated coverage amount. In the contract, individual risks can be regulated with separate coverage amounts. In addition, own damage can also be part of the insurance cover. We are happy to advise you.

Essentially, a cyber-risk insurance, depending on the insurer, comprises the following components:

• IT forensics costs
• Legal advice
• Information costs
• Credit monitoring services
• Costs for crisis management
• Cost of PR consulting
• business interruption damage
• contractual penalties (PCI)
• Ransom payments
• Recovery costs
• Safety improvements
The risk of each company is always very individual. There are also big differences in the scope of services for cyberrisk insurance. Regularly not covered is for example:

• Infringements of antitrust and competition law, as well as patent law
• Damage intentionally caused by the management. Intentional acts of employees are co-insured in policies with good coverage.
• Effects of war or terror
• Damages resulting from an official enforcement
• fines or fines
• Damage in the internal relationship between the policyholder and the insured person
• Guarantee commitments
The determination of the coverage should be geared to your individual business risk. We are glad to advise you in person.

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