Cyber Risk Insurance

RESPECT Cyber Risk Insurance

The rise of everyday risk to corporate or personal information is huge according to the world’s reinsurers, and its significance currently exceeds natural damage, for example, loss caused by cyber risk can therefore have a major impact on a company’s performance or a company’s reputation. Unique insurance protection in this area combines both liability and first party risks.

Cyber Risk Insurance is intended for:

For all business entities without distinction of their purpose or for public entities. The insurance is particularly suitable for companies that store or otherwise process large amounts of data or whose purpose is dependent on information systems.

Cyber Risk Insurance covers:

• Data breach liability – confidential personal and business information, including data stored with sub-contractors
• Obligations vis-à-vis supervisory authorities – sanctions imposed by a supervisory authority for unauthorised and improper processing of data, including legal representation costs
• Related costs for professional services – PR services, communication services, IT services, data recovery costs
• Interruption of operation (network failure) – payment for lost profits related to a breach of information system, website, etc.
• Liability for the publication of digital content – copyright infringement, plagiarism, defamation, interference with reputation or privacy, unfair competition
• Cyber blackmail – first party damage caused by cyber blackmail, including a ransom payment