Nowadays any business that uses IT- technology or manages any digital information faces cyber risk. For many, cybersecurity is a challenging issue. The threat and potential impact of cyber attacks have recently grown dramatically. An increasing number of companies protect themselves against this emerging risk class, making cyber insurance a fast-growing market segment.

Cyber-insurance is a specialty lines insurance product intended to protect businesses, and individuals providing services for businesses, from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and activities.

Every company is exposed to cyber risk, no matter its size. Cyber risk is now a major threat to clients’ businesses. Companies increasingly face new exposures including first-and third-party damage, business interruption and regulatory consequences.

Today process automation is integrated by means of robots and technology which can no longer be replaced by hiring workers at short notice because they will lack the knowledge, skills, tooling, and space to do the same job at the same costs.The protection of Information Technology (IT) and Industrial Control Systems (ICS) should therefore be given top priority because as the unauthorized operation of IT and ICS may cause serious business interruptions.

Technology, social media and transactions over the Internet play key roles in how most organizations conduct business and reach out to prospective customers today. Whether launched by run-of-the-mill hackers, criminals, insiders or even nation states, cyberattacks are likely to occur and can cause moderate to severe losses for organizations large and small.

Businesses need Cyber Liability Insurance or Data Breach Coverage, because hackers can target personally identifiable information or personal health information you keep on your business’ computers. That’s why it’s important to protect your business with data breach or cyber liability insurance, helping you respond quickly after a data breach or cyberattack.

These coverages can help if:

  • Your business’ computers get a virus that exposes private, sensitive information
  • Customers or patients sue after your business loses PII or PHI
  • You’re faced with high public relations costs to help protect your business’ reputation after a data breach

A cyber insurance policy is designed to help business mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or another similar event.

Сyber insurance policy covers the risks as follows, but not limited to:

  • Data breach liability for personal and corporate data
  • Data breach costs, including notification and IT forensic costs
  • Network security liability for hacked or compromised systems, including denial of service attacks
  • Media liability for digital publications
  • Business interruption caused by a cyber incident
  • Restoration costs for data and programs resulting from a cyber interruption
  • Crisis communication to mitigate reputational damage
  • IT forensic support for crisis communication to mitigate reputational damage

If large business is the victim of a cyberattack, cyber liability insurance can help cover:

  • Legal services to help you meet state regulations
  • Notification expenses to alert affected customers that their personal information was compromised
  • Extortion paid to recover locked files in a ransomware attack
  • Lost income from a network outage
  • Lawsuits related to customer or employee privacy and security
  • Regulatory fines from state bodies

The extent of your risk depends on the number and type of records you hold, along with the network security and backup measures you have in place. In any case, providing you with a cyber insurance policy, we can support stability of your business.

We are no ordinary insurance and reinsurance broker. Founded over twenty years ago, we are one the region’s oldest independent, privately owned insurance broker. We are completely dedicated to our business and our status as a privately owned broker means that all of our energies are focused on providing a first class service to our clients.

Our insurance broking service offering is based on:

  • Understanding of your risks and needs, strategies and business objectives
  • Specialist market knowledge and local expertise, to ensure that you are in compliance with the local insurance law
  • Responsiveness, 24 hours response time to enquiries and submissions, a one-stop shop
  • Comprehensive service delivery by experienced, motivated personnel and better resource allocation ensuring your ability to interact with the right people at the right level
  • Flexibility and ability to achieve superior outcomes through innovations and technical competence
  • Relationships built on trust, integrity and mutual respect seeking long-term partnership with you
  • The highest standards of moral and ethical behaviour
  • Claims excellence

Our passion for customer service excellence clearly differentiate us from our competitors and wherever possible we look to add value above and beyond expectations.

Not all insurance brokers are the same. Not all understand the need to build effective, long-lasting and mutually rewarding partnerships with their clients.
Partnership is at the heart of our philosophy.

Other Classes of Insurance

Our broking activities cover a wide range of insurance classes and risk services. As in all areas of our operation we seek to offer flexibility and innovation to ensure that our clients not only save on their costs, but also get the protection they need.

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