Who is cyber insurance for?
Nowadays, almost every company processes data electronically, has business systems or applications, or automates and integrates production, logistics and service processes. Therefore, every business is vulnerable to hacking attacks and should therefore insure itself against their effects.
The policy covers costs in the event of an unavailability, data breach or data corruption resulting from a ransomware attack or other cyber incident. It covers liability to third parties as well as self-inflicted damages incurred as a result of malicious or negligent acts.
What is the scope of protection?
The policy covers costs directly related to the attack:
- data restoration
- purchase of new software
- data restoration
- malware removal
- restore access to data
In addition, the insurance also covers legal expenses and PR activities:
- administrative proceedings related to the protection of personal data (GiODO) and the protection of intellectual property rights (Patent Office)
- legal defence and damages awarded in the event of loss of personal data or the disclosure of commercial information
- administrative penalties for breaches of data protection law
- computer forensics
- PR activities aimed at protecting the company’s reputation
Protection also includes:
- the costs of restoring and recovering the data of the injured (third parties)
- loss of̨ profit due to business interruption
- ransom amount ̨
Find out more on the website of our partner EQUINUM.