CYBER INSURANCES
Businesses and companies are becoming increasingly dependent on technology and have more and more personal data and information at their disposal. This makes them very attractive to cyber criminals. In practice, in fact, one in three businesses fall victim to some kind of cybercrime. When it comes to cybersecurity, cyber risk insurance is among the main ways to secure your business.
If your business is targeted by a hacker or suffers a security breach, it will take time and money to fix the problems created. This can disrupt the rhythm of your business, leading to lost turnover, damaged reputation and fines from regulators.
Your business needs cyber insurance in case:
- You hold information about customers, suppliers or employees, such as names, addresses, bank details or email addresses;
- You handle sensitive information protected under GDPR;
- You use a computer to run your business;
- Accept and process card or electronic payments;
- Have a website.
What coverage does cyber insurance provide?
- Current and future cyber risks: cyber insurance protects your business from common cyber threats, such as information theft, ransomware, and new techniques that criminals could use in the future.
- GDPR investigations: the Insurer will pay to defend and settle claims brought against the Cyber Insured for failure to comply with customer data security requirements, or for alleged failure to comply with the Data Protection Directive (GDPR). The insurer you choose for your cyber insurance will also pay the costs associated with regulatory investigations and will reimburse fines imposed by regulators where permitted by law.
- Business interruption: cyber insurance covers the cost of getting your business back to normal and compensation for loss of earnings, including where this is caused by a breach of your reputation. In addition to your cyber insurance, you’ll also get Key Employee cover – an extra pair of hands to help your business with any increased unforeseen workload.
- Reputation protection: in the event of a security breach, cyber insurance will ensure the situation is managed promptly and reliably with the help of a leading public relations firm. Adequate and timely communication is key to keeping a company’s reputation intact. At Cyber Insurance, we provide our clients with PR and crisis strategies for 24/7 crisis management.
- Extortion: If a hacker gains access to your systems and data for ransom or threatens to release information, cyber insurance will cover the ransom amount and the services of a leading consulting company to help manage the situation.
- Data Breach: When personal data (electronic or otherwise) is accessed without permission, cyber insurance will offer practical support such as forensic investigations, legal advice, notifying customers or regulators.
- Human error: cyber insurance covers mistakes made by employees or suppliers that lead to a security breach.
- Computer system failure: cyber insurance will cover the costs incurred to repair, rebuild or replace if your computer network, systems, website or electronic data is damaged by a hacker, virus or cyber attack.
- Financial crime and fraud: cyber insurance covers situations where cyber criminals use the internet to steal funds, impersonate you or defraud employees when transferring money or goods.
- Property Damage: When an incident has caused physical damage to property or equipment, cyber insurance will cover the cost of repairing or replacing it.
- Business interruption as a result of a supplier crisis: cyber insurance also covers situations where there is a loss of revenue or increased costs incurred as a result of their computer systems being shut down due to a security breach.
How to choose the right cyber insurance for your business?
With the development of technology and its penetration into every aspect of life and business, the need for cyber insurance is now higher than ever. More and more insurance companies are expanding their portfolio of products for their customers and choosing to include cyber insurance to their current offerings. Your cyber insurance depends on one key factor – what cover do you need? Not every business needs cyber insurance that includes GDPR-related cover, for example, so it’s important to look for suitable cyber insurance before you choose an insurance company. In your search for the best cyber insurance for your business, we recommend using the services of an insurance broker.
Choose your cyber insurance with Balkan Insurance Brokers!
We at Balkan Insurance Brokers have many years of experience in offering insurance products and advising our clients on the best solution for their business. In order to meet the needs of the business and of the individual, we are continually expanding the portfolio of insurance companies we work with and aim to offer all the sought after and important insurances including cyber insurance. With Balkan Insurance Brokers, you can be confident that you will quickly and easily find the right cyber insurance to protect your business from hacker attacks.
What do you gain when you choose to purchase cyber insurance from Balkan Insurance Brokers?
- We have more than 20 years of experience in offering products of all kinds and can competently advise you on your cyber insurance needs;
- We will offer you a wide variety of insurance companies that offer cyber insurance with different coverages, insurance limits and premiums;
- You will be able to easily manage all insurance products, including cyber insurance, related to your business, home and health from one place;
- You’ll get a loyal partner who will keep you in the loop about anything important related to your cyber insurance or other insurance product, and provide you with assistance in the event of a loss;
- You will save time in searching and collecting cyber insurance quotes and always save money because you will easily find the best option for you!
Be sure to contact us today for a consultation to determine the best cyber insurance policy for you. Choose Balkan Insurance Brokers as your trusted partner in your cyber insurance search!
What coverage does cyber insurance provide?