Cyber insurance
Cyber insurance is insurance that protects companies and organizations against the financial consequences of cyber attacks and data breaches.
Just one wrong click and the door is open to cybercrime.
Cyber insurance - what is it?
Just one incident can cause serious financial and reputational damage. Cyber insurance supports you from the very first moment and offers comprehensive crisis management and support in rebuilding your IT infrastructure. Make your digital world crisis-proof.
Facts & Figures
FAQ on cyber insurance
We have summarized the most frequently asked questions about cyber insurance for you in our FAQ. Our experts will also be happy to provide you with individual advice.
In the digital world, companies are increasingly exposed to cyber risks. Cyber insurance provides financial protection and helps to manage the impact of cyber attacks by covering recovery costs, legal advice and compensation claims.
Typically, cyber insurance covers the following losses:
- First aid measures: Costs for IT forensics, crisis management and notification of affected customers
- Business interruption: loss of revenue and additional operating costs due to IT outages
- Cyber extortion: payments and costs in connection with extortion attempts (e.g. ransomware)
- Liability: Costs for third-party claims for damages, e.g. due to data breaches
- Legal costs: legal fees and court costs in connection with cyber incidents
- Reputational damage: costs for PR measures to restore the company's image
As a rule, the following are not covered
- Damage caused intentionally by employees
- Damage caused by grossly negligent behavior
- Contractual penalties and fines
- Damage caused by known security vulnerabilities that have not been rectified
Yes, there are different types of cyber insurance tailored to the specific needs and risks of companies:
- First-party insurance: covers direct financial losses of the policyholder, e.g. costs for IT forensics and business interruption
- Third-party insurance: covers third-party liability claims, e.g. claims for damages from customers due to data breaches
- Combined cyber insurance: covers both first-party and third-party damage
- Damage caused by war, terrorism or political unrest
- Damage caused by intentional or grossly negligent behavior
- Damage due to already known security vulnerabilities
- Contractual penalties and fines
Yes, there are special cyber insurance policies tailored to the needs of specific industries, such as healthcare, financial services, retail and IT service providers.
- Install regular security updates and patches
- Use strong password policies and multi-factor authentication
- Train and sensitize employees regularly
- Create backups of important data and store them securely
- Implement and regularly review IT security policies and procedures
Further insurance solutions
In addition to cyber insurance, we also offer numerous other insurance solutions that could be of interest to you.
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