Cyber risk insurance

Is your company well protected against cyber-risks?

Technology is at the heart of all our businesses and sectors, which is why, for companies and entrepreneurs alike, it has become an essential element in the exercise of their activities. It has gradually made its way into our daily lives, whether for exchanging e-mails, storing documents on servers, promoting products and services in the media, and so on. The trend is even more pronounced when it comes to e-commerce and e-commerce sites.

With such dependence on technology, it's hard to imagine what will happen if there's any incident affecting security. And it's important to have a few solutions in place to help you get back on your feet in the event of a disaster. Aware of this challenge, insurers have for some years now been offering protection tailored to cyber-risks, in addition to their existing products. corporate insurance products guaranteeing more complete and optimized incident management.

Why is cybersecurity insurance essential for businesses?

Guarantees related to cyber risks are relatively recent compared with other insurance products. They are designed to keep pace with the constant evolution of technology. And it has to be said that this evolution brings with it ever-increasing risks of cyber attacks. Attackers target mailboxes and social networks such as facebook, linkedin and others. But sometimes people fail to appreciate the seriousness of these attacks and to understand the underlying danger, as it remains intangible unlike theft, fire or any other disaster.

Which organizations use this type of insurance?

Many companies subscribe to this protection, of varying sizes and from different sectors. An herbalist-horticulturalist, a restaurant, a factory, a shoe store, a car dealership or any other structure may take out this insurance, for the simple reason that they have an e-commerce platform that could be the target of a cyber-attack.

What risks are covered by insurers?

An attack can target an e-commerce site for just two days, causing the platform to suffer significant losses in terms of sales. But with the right insurance, the revenue lost during this period can be easily compensated with protection such as business interruption insurance. A claims adjuster will estimate the sales usually made during the 48 hours before validating the claim and reimbursement.

Other claims and incidents can be covered by such protection, including charges associated with ransomware, legal costs incurred by the organization following prosecution for hacking, communications expenses for media management following hacking, and expenses incurred in setting up an identity theft protection system.

Why do customers refuse cyber-risk protection?

It's very common for customers to assume that they're safe from any danger, given that their computer system is infallible and well protected. They believe that their technician is perfectly capable of securing their system. Unfortunately, it often turns out that the technician in question isn't a specialist, and doesn't understand the dangers of cybercrime, or the various techniques used to deal with it. All they can offer is very limited computer protection.

Sometimes the technician makes the computer technology sufficiently secure, but we mustn't forget that technological attacks are becoming increasingly complex and innovative. Despite the security system, the danger remains. Companies may well think that a cyber-attack only happens to others and that it's a marginal risk, but such an incident can happen to anyone at any time. No one is immune.

It's essential to insure your IT system, starting by contacting an insurance broker, who can assess the risks based on the specific features of each structure, and determine the most appropriate coverage for you. cyber security. Insurance is chosen on the basis of the company's real needs and the value of its assets. Thanks to such an assessment, we can determine what needs to be protected and what situations present a risk of cyber-attack for the structure.