Take out cyber insurance as soon as possible

Take out cyber insurance as soon as possible, as cybersecurity is booming and cyberattacks are becoming more frequent, sophisticated and evolving at an unprecedented speed, which means that security often lags behind cybercriminals.

Bearing in mind that absolute security at all times is impossible, we must be prepared in case we are victims of a cyberattack and knowing the irreparable damage that this can cause to our corporate reputation or at an economic level, it is necessary to take out cyberinsurance, i.e. a cybersecurity insurance policy.

What is cyber insurance?

When you take out cyber insurance, you take out an insurance policy specialized in cybersecurity, in order to face the consequences of a cyberattack, or of a bad performance on the part of the information users, such as the loss or destruction of information, damage to work equipment by the personnel using the information, such as the loss or destruction of information, damage to work equipment, or the impact on clients or the business.

Thus, cyber insurance protects individuals against cyber-attacks (liability coverage) and protects information, technological infrastructures and devices (damage coverage).

How does cyber insurance work?

Taking out cyber insurance is like taking out any insurance, there is also a transfer of risk (cyber risk) from the person who suffers it to a different person, who is responsible for implementing the pertinent actions to remedy the effects produced by the incident.

The insurance company will analyze the company’s security systems and make a diagnosis prior to contracting the insurance, in order to identify vulnerabilities and possible fronts exposed to attacks by cybercriminals, as well as to have the data protection regulations in place in the company.

Once the risk analysis of the information and the activity to be developed by the company has been carried out, it will offer the best solution.

What is the coverage of a cyber insurance?

Although the coverage of cyber insurance depends to a certain extent on the insurance company offering it, it generally covers the following scenarios:

Immediate cyber-attack response with expert support to identify the origin of the attack, typology, scope of the damage and termination of the attack.
Information retrieval services.
Business Downtime Management Services
Legal advice if necessary as a result of the cyber-attack.
Liability: loss of data due to external or involuntary causes, or derived from human error, intentional or not, non-compliance with the regulations on personal data protection, information society and electronic commerce.
Damage to third parties (customers)
Damages to employees
Computer security and forensic consulting and services
Management of actions to recover the reputation and public image of the business.
Communications with customers when an incident occurs (only some)

What is not covered by cyber insurance?

Taking out cyber insurance does not mean that everything related to the use of technology is covered. There are things that will not be insured, such as:

Damage caused intentionally by the contracting party itself
Any claim or dispute arising prior to the entry into force of the contract

What are the benefits of cyber insurance?

The most important benefit of taking out cyber insurance is peace of mind; peace of mind in the face of possible cyber-attacks that your company may suffer, as you can be sure that you have the help of experts and sufficient coverage to ensure that your business is not affected and that activity is paralyzed for the shortest possible time.

Other benefits include: liability insurance, legal advice, business continuity and information recovery.

Who should take out cyber insurance?

Any company should take out cyber insurance, since no one is exempt from suffering a cyber-attack.

In the same way that we protect our home against a fire or burglary even if there is no imminent threat, cyber insurance will cover your company financially, technically, legally and administratively against a possible cyber-attack.

Nowadays, the size of the business, as well as the activity to which it is dedicated, are not determinant for cybercriminals, since they carry out their attacks indiscriminately, without a pattern that can guide us. What we do know is that these types of criminals look for the most vulnerable security systems to be able to carry out their attacks successfully, since having less protection, it will be easier to attack them successfully.

In addition, it is important to reflect on the risks associated with the increase in teleworking or labor mobility, since this type of work involves the use of devices (smartphones, laptops, etc.) outside the workplace and this may call into question the security of these devices, the networks and communications used.

It should be remembered that since the pandemic, the use of technological tools has increased exponentially, as has the number of cyber-attacks per year; as an example, the figure of 130,000 cyber-attacks recorded in 2020 reported by INCIBE.

Thus, cyber insurance is no longer the exception for multinationals, but a necessary reality for small and medium-sized companies as well.

Business Adapter® at your service

If you need a cyber insurance Business Adapter® will offer you the best option available among the most important insurance companies operating in Spain.

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