Cybersecurity assurance
Digital insurance
Cyber insurance is the name given to insurance policies that compensate customers for losses caused by digital attacks or security breaches in the computer systems of companies and organizations. Attacks can be caused by a variety of reasons, for example:
- Hope for financial gain
- Political or anti-social purpose
- Destructiveness
Attacks are intended to extort money, disrupt, cause damage, or obtain information. Hostile actors can also be internal. Employees who are contacted by criminals and are able to steal data, plant viruses, or gain access to premises, are the victims of threats. Employees may inadvertently click on a malicious link, leave a laptop unlocked in a room, connect to an unprotected Wi-Fi network, or neglect to check the security clearance of an outsider in the workplace. The risks can range from personal information, trade secrets, confidential information, security data, customer information, and financial information. Published data can be at risk due to identity theft or intellectual property violations. Malfunctions, cyberattacks, or vandalism can result in liability.
Insurance quotations/price surveys require time and knowledge Save money - offer insurance Offer insurance is a smart way to ensure your business is properly insured. Offer insurance can save up to 20-30% on premiums and improve your terms.
In addition to your overall financial and risk situation, the right time to bid depends on your company's claims history. As experts, we can tell you if now is the right time to bid on your company's insurance. Over- or under-insurance can be costly. Bidding on insurance usually begins with a detailed insurance analysis that reveals whether your company is over- or under-insured.
Overinsurance means you pay too much for insurance because it is overpriced for your business’s actual needs and risks. Underinsurance, on the other hand, means there is not enough insurance coverage, so your business could face severe financial difficulties if something unexpected happens. Both situations are detrimental to your business’ finances and reputation. Are you suffering from your insurance quotes? Comparing coverage, terms, and prices can be a challenge.
Corporate and public sector insurance is often complex, with many details that can significantly affect the effectiveness of the insurance solution. Insurance quotes are not always directly comparable, as each insurance company prepares its quotes differently. As a result, the content of the insurance can vary significantly, even if it looks the same on the surface.
The insurance broker will prepare insurance applications so that the content of the different offers is comparable. You will have access to a written insurance comparison that clearly explains the differences between the offers of the various insurance companies. Spreading insurance often brings advantages. Through an insurance broker, you can also spread your insurance between different insurance companies to get a better overall solution. If you have all your insurance with the same insurance company, you may be dependent on its services and terms. When you have more than one insurance company, you can choose the best insurance company for each risk. The idea of doing business with more than one insurance company can seem unorganized. We handle all of our clients' insurance through our unique online service, S&P Online, where you can see all your insurance at a glance regardless of the number of insurance companies.
What is insured?
Cost of first aid
Assistance and support in the event of a cyberattack or security breach in digital data (electronic or otherwise) including investigation work, legal advice, notifications to customers or regulatory agencies, as well as support for affected customers.
Blackmail
The insurance covers the costs of paying a ransom for digital data that has been held hostage by hackers. The insurance covers the costs of consulting that must be sought in such situations.
Operation disruption
Compensation for loss of income, if a digital attack prevents the business from generating income. The insurance also covers expert assistance and consulting costs.
Responsibility for content distribution
The insurance covers costs due to negligence in the use of copyrighted material, for example if visual material is used without permission, as well as for defamation of third parties due to negligence in the digital distribution of material.
Violations and fines
Includes costs of responding to a regulatory investigation into a privacy breach. Includes costs of fines to the extent permitted by law.
Additional insurance
Digital hacking - fraudulent intrusion into electronic data, e.g. bank accounts. Damaged reputation - loss of income due to a digital attack. Hosting - covers damage due to a digital attack on a hosting provider's computer system.
