27 November 2018

Cyber Security Insurance for Company

In the era of an intense information flow, more and more complaints can be heard from the company directors, whose businesses had been at stake. In recent years, the number of such companies has significantly grown. Hackers and cybercriminals continue to steal databases, hack systems, spread viruses to other computers, and even interfere with the electoral processes of the country. The biggest hacker attack in the country’s history is Petya.A virus, which caused damage to many large companies, government agencies, and financial institutions. Such hacking tricks lead to such bad consequences as crashing and blocking systems, disabling personal computers, financial losses, and even can stop the whole production. So, here is a question: “How to protect your business from cyber thieves and create a reliable protection against them?”

Cybersecurity insurance is your life saver

The answer is quite simple and obvious – cyber insurance. The primary task of cyber insurance is to protect your IT system against potential network threats. It protects the Insurer against technical and financial losses, such as phishing, DDoS attacks, data leaks, software damage, network failures, and reputation risks caused by cyber attacks. Cybersecurity insurance helps affected companies to get back to the normal functioning, maintain stability, paying capacity and reduce losses due to a cessation of production.

What can you compensate?

There are two types of cybersecurity insurance – for the first person and for third parties. The first type protects most organizations from losses caused by the insurer and can cover the following situations:

  1.     Lost digital assets, data, and technical documentation;
  2.     Stolen funds by hackers;
  3.    Cyber-blackmail, when hackers want you to buy out a stolen database;
  4.    An increase in operating costs in the company.


And the second type of insurance provides protection for the companies involved in software, data storage, or the local network. These companies include Internet service providers, moderators of social networks and forums, hosting centers, software developers and other companies involved in this area. These companies are offered to cover such costs as:

  1.     Violation of confidential information about employees;
  2.     Loss of customer data;
  3.     Intellectual Property Infringement
  4.    Client notifications after informational danger;
  5.    The leak of commercial secrets.

Who can benefit from this service?
Hacking attacks can greatly affect the performance of the entire company. After all, as we have mentioned earlier, their actions can lead to personal data leaks, commercial information, illegal banking transactions, and other irremediable actions. Therefore,  cyber insurance services will be useful for companies working with financial flows related to the Internet, companies that promote their services or product through online shops, organizations that have their own websites to attract more customers and those, who work with a huge amount of information and customer databases. The more seriously the company takes this issue, the more it will be protected from the consequences of information fraud.