Cyber Insurance
Cyber risk is not merely an internal Information Technology (IT) challenge—it is a complex operational, financial, and strategic risk. Cyber risks encompass any threat that could damage an organization’s digital assets, disrupt business operations, cause financial loss, or compromise corporate reputation.
Policy Structure:
A cyber insurance policy is typically structured into two primary coverage pillars:
- First-Party Losses (direct financial loss incurred by the insured organization)
- Third-Party Liabilities (liabilities, defense costs, and compensation owed to external parties, including clients and regulators)
Insurance Coverage
Direct costs incurred by the organization to manage an active incident, mitigate operational impact, and restore assets:
- Business Interruption Loss: Coverage for loss of net operating income and continuing fixed operating expenses resulting from an operational disruption caused by a cyber event.
- Data & System Restoration: Expenses incurred to repair, restore, or reconstruct destroyed, corrupted, or encrypted data and software assets.
- Cyber Extortion / Ransomware: Costs associated with managing extortion events, engaging specialist negotiations expertise, and funding crisis response solutions.
- Incident Response Expenses:
- IT Forensics / Technical Investigation: Independent technical investigation to determine the entry vector, scope, and methodology of the cyber-attack.
- Legal Counsel (Breach Counsel): Specialized legal advice to manage regulatory compliance, statutory obligations, and mandatory disclosure requirements.
- Crisis Communications & PR: Professional public relations support to protect brand integrity and mitigate reputational damage.
- Notification Expenses: Costs associated with notifying affected data subjects, clients, partners, and supervisory authorities.
Legal liability and financial obligations arising from third-party losses (clients, commercial partners, employees, or regulatory bodies) resulting from a cyber event:
- Privacy & Network Security Liability: Coverage for legal defense costs, settlements, and court-awarded damages stemming from claims alleging failure to protect confidential corporate data, personal data exposure, or transmission of malicious code.
- Regulatory Fines & Penalties: Coverage for insurable administrative fines and penalties imposed by data protection authorities (e.g., GDPR or relevant local data protection legislation), to the extent permitted by law.
- Media Liability: Defense costs and damages arising from third-party claims alleging copyright infringement, trademark violation, libel, slander, or invasion of privacy resulting from digital content publication.
Our Benefits
We make personalized insurance product design for your organization that stands out from any of our insurance company products by its quality.
We find terms of insurance on our product from the local and international insurance companies, analyze their quotes and choose the best / optimal one.
We handle the full process of insurance that includes reviewing a contract with a selected insurance company, assisting with the preparation of necessary documents, managing and controlling issues arising in the insurance process.
Monitoring involves managing service with an insurance company that helps insureds in a fair and timely settlement of insurance cases. The service also includes surveys of the insureds and management of revealed faults in service.
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