Hacker attacks: a growing threat to the economy
Lost data, business interruptions, claims for damages from customers – a cyber attack can have serious consequences for companies. Cyber insurance does more than just pay for damages. It also helps to solve problems quickly and avoid consequential damage.
Cyber insurance offers protection if the security of the insured person's IT system or electronically stored data has been breached - for example if data has been stolen, deleted, encrypted, changed, misused or unlawfully published. In such a case, cyber insurance reimburses the following damages and costs:
If customer data is stolen from the company network and misused, customers can demand compensation from the stolen company. Even if customers cannot be supplied after a successful attack on the IT system and therefore suffer damage, the insurance will pay. Cyber insurance compensates customers and protects the insured company from unjustified claims.
If customer data is stolen from the company network and misused, customers can demand compensation from the stolen company. Even if customers cannot be supplied after a successful attack on the IT system and therefore suffer damage, the insurance will pay. Cyber insurance compensates customers and protects the insured company from unjustified claims.
After a successful cyber attack, quick help is required. Cyber insurance arranges or recommends specially trained professionals and covers the costs:
-
IT forensics experts analyze the attack, secure evidence, determine the extent of the damage and prevent possible consequential damage.
-
Lawyers specializing in IT and data protection law help companies fulfill their information obligations.
-
Communication service providers and PR specialists help to inform those affected and support crisis communication in order to keep the damage to the company's image as low as possible.