Why you need cyber risk insurance?
The security of your IT systems is essential to viability of your business. The unprecedented growth in the use of mobile devices, and businesses increased reliance on IT systems means that criminals are constantly devising new methods of stealing money and valuable data.
Spain is one of the EU Countries suffering the greatest number of cybercrimes, and yet Spanish companies are amongst the least prepared, compared to their European partners. The need for cyber risk insurance has already grown rapidly over the past 10 years, and is expected to triple over the next 4 years.
Cybercriminals target data such as client names, addresses and bank details which can be sold and converted into money. Therefore, you need to make sure you are covered otherwise you could experience devastating losses and be liable for the loss of the data.
Unlike typical insurance policies which cover property (buildings and contents), stock, interruption to business and professional indemnity, cyber risk insurance protects you against the loss or damage to information from or relating to IT systems and networks as a result of cybercrime. The cover is available either as third party or first party cover.
As an established insurance broker with many years of experience of providing tailor made policies for SMEs, Op de Beeck & Worth can advise you, helping you to find the right cyber risk insurance cover, supplied by Europe’s leading insurance companies.
Types of cyber risk protection insurance
First party cyber risk protection (for business assets)
- Loss or damage to digital assets (data and software programmes)
- Interruption of business from network downtime due to cyber extortion from third parties
- Customer notification expenses (in the event of cybercrime)
- Damage to reputation caused by data breach resulting in loss of intellectual property
- Theft of money or digital assets
Third party cyber risk protection (for clients’ assets)
- Security and privacy breaches (investigation, defence and civil damages costs)
- Multimedia liability (investigation, defence and damages from defamation, breach of privacy or negligent publication online or in print)
- Loss of data (compensation to customers for access denial, systems and software failure)
Call us today for a no-obligation quote on 952 88 22 73 or email us.