Cyber Risks Insurance - Grumese

How can you protect your company with Cyber Risk insurance?

At a time when we are seeing an increase in cyber-attacks and large companies being attacked at huge cost to the business and its customers, how can insurance help?

Firstly, we mustn't forget that we're talking about a crime, not an accident in which the risks can be insured, but a criminal act.

In this scenario and like any company, regardless of its size or activity, it is vulnerable to cyber attacks. It is essential that companies are prepared so that the impact of the attack on the business is minimal.

5 Reasons to take out cyber risk insurance:

• Economic losses:Computer attacks can cause various types of damage to companies, which can see their activity interrupted, be the target of fraud attempts, extortion or cause damage to third parties, which they may have to compensate.
• Third-party complaintsas well as a drop in confidence, mean high costs.
• Cybercrime is the fastest growing crimeand our country is no exception, nor are SMEs.
• Impact on reputationcan be incalculable.
• RegulationsThe General Data Protection Regulation (GDPR) stipulates that any “accidental or unlawful destruction, loss or alteration of personal data transmitted, stored or otherwise processed must be reported to the regulatory body”. Companies must be prepared to react and having insurance for these attacks is an important step

Did you know that cyber risks will be the number one concern for companies in 2022? 

“Cyber risk has risen from number 3 (in 2021) to position #1, as the most worrying for Portuguese companies in 2022, the same happening worldwide, point out risk consultants and specialists in the commercial lines insurance segment participating in the 11th Risk Barometer produced by AGCS (Allianz Global Corporate & Specialty), 47% of those surveyed in Portugal point to cyber incidents as their main concern, after having been 3rd in 2021, pointed out by 44% of the universe covered.”

Taking out cyber insurance can prevent losses for your company and damage to your customers.

What does Cyber Risks insurance cover?

• Incident Response Service provided by specialists in the containment of technological damage or data recovery
• Reimbursement of mitigation or system replacement costs
• Legal, communications and PR advice
• Loss of profits due to business interruption
• Assistance in cases of cyber extortion
• Assumption of possible failures and consequences in terms of the violation or theft of digital content and the prevention of data protection (GDPR).

The cost of this insurance can vary from €545/year for a company with a turnover of 500,000 euros to €4,300/year for companies with a turnover of between 20 and 25 million euros.

For more information, please contact us.

Cyber Risk Insurance mediated by Grumese.

See more on Cyber Insurance on the Grumese website

Cyber Risks Insurance - Grumese