A cyber insurance policy protects your organisation from cyber criminals. It also ensures prompt assistance if your company has to deal with cyber incidents such as cyber fraud, hacking or phishing.
Hackers are becoming bolder all the time. Almost half of Belgian businesses had to deal with a cyber attack during the last year. The financial consequences of this can quickly add up to EUR 20,000, and we have seen some cyber attacks that cause damage running into hundreds of thousands of euros.
A hacker or a virus can bring your company’s computers or even your production process to a standstill. There’s also the fact that a simple human error, such as a botched software update or a data leak, may mean that your organisation can no longer function properly.
A cyber policy can provide cover for many different types of cyber incident:
- You have been hacked;
- You are the victim of phishing, cyber fraud, cyber extortion, a data leak or a virus;
- You are found guilty of a breach of the privacy laws and have to pay an official fine under the GDPR;
- You are faced with network downtime following a system failure;
- You have to call in expensive assistance from IT experts, legal experts, crisis experts or PR experts;
Cyber insurance consists of three essential pillars: 24/7 assistance, cover for your own financial damages and cover for third-party damages (liability cover).
- Crisis assistance
- IT assistance
- Legal assistance
- PR assistance
- Fees for experts
- Data recovery
- Loss of business earnings
- Cyber extortion
- Cyber theft
- Telephone hacking
- Official investigation
- Official fine
- Notification costs
- Legal defence
- Spreading a virus, distributing corrupt data or programs
- Blocking, deleting, changing or corrupting data
- Sharing (confidential) third-party info
- Multimedia liability
The price of cyber insurance depends on various factors, such as the size of your organisation, your type of business activity, whether you have an online sales channel or not, etc. One thing is certain: the cost of insurance against hacking is minuscule compared to the price tag resulting from having a virus in your network or your network being hacked.
Our cyber experts will be happy to define your risk profile and find the best cyber crime insurance for you at the most affordable premium.