Cyber Insurance (FAQ)
What is cyber insurance?
Cyber insurance, or cyber security insurance and cyber liability insurance, is designed to help reduce the financial risks of doing business online.
Cyber insurance is indispensable for companies that handle their customers’ or clients’ personal data online, such as credit cards.
It’s also crucial insurance for companies providing technology products or services to third parties.
What does cyber insurance cover?
Acquiring cyber insurance in Cyprus is usually a prerequisite when signing a business contract with a sizable international company.
In general, cyber insurance covers the costs related to cyberattacks and data breaches on your business.
It covers your company’s liability for data breaches of sensitive information in your care, such as your client’s or customer’s credit card details or health records.
It also deals with cyberattacks, including ransomware, phishing attacks, web attacks, and DoS (denial of service) attacks.
What does cyber insurance include?
Most cyber insurance policies vary, but there are standard coverages that most insurers offer.
Some of the most popular insurance coverages provided in Cyprus include phishing, first response coverage, network interruption, cyber extortion, goodwill restoration, privacy and security liability, telephone hacking, data protection & cyber liability, and insurance coverage.
What does cyber insurance exclude?
In general, cyber insurance typically excludes professional errors and omissions, impersonation (or fund transfer fraud), bodily injury, accidental death, and property damage.
Do I need cyber insurance?
As noted, it’s wise to acquire cyber insurance if you work online using or storing your customer’s or client’s personal data and/or provide IT services to others.
How much cyber insurance should I get?
There is no straightforward answer to how much insurance you might need. Various factors will influence how much cyber insurance your business needs.
Your company’s level of risk will be determined by underwriters, who will decide how much cyber coverage would be right for you.
Your current cyber security measures will be taken into consideration, as that will impact your risk level and what coverage you are likely to require.
Can I get cyber insurance as a small business?
Cyber insurance is a relatively new insurance offering in Cyprus, so there isn’t enough data to accurately estimate the premium costs for small businesses.
However, no matter the size of your operation, Pitsas Insurances keeps the cost of contracts low through tailored coverage.
We cooperate with the most significant underwriters worldwide, making us the largest provider of cyber insurance contracts in Cyprus.
Furthermore, redundant coverages (e.g. network interruption and ransomware) can be excluded from your coverage, and we are reasonably flexible with deductibles (or excesses).
For more answers to your questions about cyber insurance in Cyprus, see our blog here.
To receive a free cyber insurance quote, see here.
If you still have questions, you can email us at [email protected].
Pitsas Insurances Team