A computer virus takes out your network, a hacker blocks access to your online store, a phishing attack results in the credit card details of your major clients becoming public: cyber incidents can completely disrupt your business. The cost of computer crime in Belgium in 2014 was estimated at 3.5 billion euros. Your company could become the next victim of hacking, phishing, virus attacks or other cyber incidents.
A cyber incident is not always the result of a criminal act. Human error or bugs in a software package can also damage your data and IT systems.
Errors, accidents and acts of malice can all lead to a loss of:
- integrity: the correct data must be linked to the correct records;
- confidentiality: data may only be accessed by authorised persons;
- availability: data should be available in the right place, in the right format and at the right time.
In a business environment running on computers and IT procedures, a minor incident can have major repercussions:
- extra costs to remedy and to prevent recurrence;
- the interruption or halting of production;
- legal implications.
Cyber insurance covers both your own damages and your civil liability.
Your own risks
- interruption of business activities;
- costs for assessing the damage and the cause of the damage;
- recompiling data and reconfiguring your IT systems;
- PR costs;
- notification costs, administrative fines and sanctions following a cyber attack;
- cyber theft and/or extortion.
Your civil liability
- violation of confidentiality: both personal information of individuals and sensitive company information (such as your client list, price list or marketing strategy leaked online);
- cyber security liability: your computer system security fails or is penetrated, resulting in a third party (client, supplier, etc.) being denied access to the system or the data of a third party being damaged.
A cyber policy, therefore, not only covers the costs of a cyber incident, it also helps to manage a cyber crisis.