Cyber insurance in Cyprus Cyber insurance is an indispensable product for companies that handle sensitive personal data (i.e. credit cards, social security numbers, tax records) and for companies that provide technology services to third parties. Companies based in Cyprus are often contractually obligated to acquire cyber insurance from a reputable insurer when signing a business deal with a large international company. Cyber insurance can be expensive, so we wrote this analytical guide to help you understand the coverages and learn ways to save money on your contract.
Are you aware that someone may be trying to steal your personal information? Like your first name, last name, photo, date of birth, address, etc. All the things you have written on your passport. And also, your school and class number. Well, in general, anything that allows you to identify a person. Why would they need that? Well, for example, attackers can create a copy of your page on social media and write different comments on your behalf, or even take out a loan, spend the money, get away with it, and leave the loan upon you.
With more than half the world population now online and roughly a million more joining the internet each day, it is no wonder that cyber crime is also rapidly on the increase. The digital nature of virtual technologies used by people on a daily basis makes them vulnerable to cyber attacks that can take a multitude of forms - from data breaches and ransomware to the large-scale overtaking of systems with potentially devastating consequences.
Cyber attacks cost companies 400 billion dollars each year and even the biggest companies in the world have fallen victim. Do we know that your IT department takes every security precaution possible to protect your business, clients, and employees but are you financially covered if the worst happens? What Hackers Can Steal From You Right Now Confidential client records Client credit card & bank details Employee social security/passport details Passwords & website access details Confidential emails, documents & contracts With today’s technology and social media accessibility, a hacker can expose your confidential information at light-speed leaving you vulnerable to further hacks or in many cases lawsuits resulting from broken nondisclosure and data protection agreements.
1. Introduction As Robert Mueller (FBI Director 2012) put it: “There are only two types of companies: those that have been hacked and those that will be” Virtually every business relies on data and computer systems. When these systems experience a virus or other computer attack (cyber attack), a business is at real risk of losing critical information that is essential to daily operations and potentially exposing itself to third-party liability.
The CAI helps clients prevent and safeguard against sensitive data breaches, computer hacking, employee error and more. The coverage includes the following categories of expenses: Cost for the assessment of the problem (forensics) Cost of a Crisis Management Expert Cost of informing affected clients. Fines and sanctions against the company Legal Advice. Cost of the negotiator in the cases the hacker requires ransoms Payment of ransoms. Our company cooperates with the global negotiations expert company NYA International which consists of former army officers and special agents.
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.