Cyber risk insurance on the rise

Millions of new computer viruses emerge daily. Despite the fact that all businesses have anti-malware solutions,  software can´t protect the network for 100%.

The human factor is often to blame – people use an obsolete operating system for which updates are no longer released. This was the case of the recent WannaCry ransomware attack; hundreds of thousands of accounts of users from all over the world were held ransom. The case attracted a lot of media attention, too.

Great news is that all brokers operating under the brand RENOMIA EUROPEAN PARTNERS have access to solid expertise and know-how of RENOMIA GROUP and can use the services of the specialist Cyber team led by Michal Pilecký who continuously develops the team’s capability. Cyber risk insurance combines liability insurance (covers against claims for damages from third parties for which the insured can be held legally liable) and damage insurance which covers the costs incurred by the insured.

The insurance covers:

• Breaches (loss, theft) of sensitive personal information or company data and information from the insured entity’s information system or computers, regardless of whether by accident or due to negligence
• Targeted attacks against the information system by third parties (hacking attacks) or employees to gain access to third-party data, to misappropriate such data or causing a loss

Cyber risk insurance solution is here in all our REP countries.