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:
Legal, accounting and similar consultancy
Recovery and replacement of lost or stolen data
Costs of informing customers
Lost profits due to business interruption
Costs of Crisis Management and Public Relations
Ransom and Similar Costs
The cost of forensic services for cyber attack investigation
Fines and similar charges related to a cyberattack
At a minimum, the insurance should cover third parties costs such as:
Legal, accounting and similar consultancy
All payments to customers affected by the cyberattack
Costs of litigation and communication with supervisory authorities
Damages
Losses related to copyright or trademark infringement