Cyber Risk Insurance

Cyber-risk insurance, whether as stand-alone or add-on insurance, is one of the options that can help protect your organization from losses caused by a so-called cyber security incident or any cyber attack. 

When arranging this insurance, it is necessary to focus primarily on the scope of compensation for any damage caused to both the insured and third parties.

At a minimum, the insurance should cover the following for the insured: 

1. Legal, accounting and similar consultancy

2. Recovery and replacement of lost or stolen data

3. Costs of informing customers

4. Lost profits due to business interruption

5. Costs of Crisis Management and Public Relations

6. Ransom and Similar Costs

7. The cost of forensic services for cyber attack investigation

8. Fines and similar charges related to a cyberattack

At a minimum, the insurance should cover third parties costs such as:

1. Legal, accounting and similar consultancy

2. All payments to customers affected by the cyberattack

3. Costs of litigation and communication with supervisory authorities

4. Damages

5. Losses related to copyright or trademark infringement