Protecting Your Business Against the Consequences of Cyber Incidents
A cyber incident can affect any company, regardless of its size or industry. A cyberattack, data loss or business interruption can result in direct financial losses, liability to third parties, regulatory proceedings and loss of trust among clients and business partners.
Cyber insurance helps companies manage the financial and operational consequences of such events while providing rapid access to appropriate specialist support.
What Cyber Risks Do Companies Face?
The most common cyber risks include:
- Ransomware attacks
- Unauthorised access to data
- Theft or disclosure of personal and business data
- Phishing and other forms of social engineering
- Compromise of email or user accounts
- Disruption of IT systems
- Errors by employees or external service providers
- Attacks affecting suppliers and other connected companies
- Fraudulent electronic payments and false payment instructions
Even an incident that does not result in permanent data loss can cause several days of business interruption, significant system recovery costs and obligations to notify affected individuals or regulators.
What Can Cyber Insurance Cover?
Coverage can be tailored to the company’s activities, size and exposure to cyber risks. It may typically include:
- Cyber incident response costs
- IT forensic investigations
- Data and system restoration
- Legal advisory costs
- Notification of affected individuals
- Assistance with regulatory proceedings
- Crisis communications
- Loss of income resulting from business interruption
- Liability arising from data protection breaches
- Claims from clients and other third parties
- Costs associated with negotiation and response to ransomware attacks
- Coverage for certain forms of cyber fraud
The exact scope of coverage depends on the agreed policy terms, limits of indemnity, deductible and the specific characteristics of the individual risk.
More Than Financial Compensation
The value of cyber insurance goes beyond financial compensation for losses. In the event of a cyber incident, a rapid and coordinated response is often critical.
Cyber insurance can provide companies with access to:
- Cybersecurity specialists
- Legal advisers
- Forensic investigators
- Data recovery specialists
- Crisis communications specialists
- Support with notifying regulators and affected individuals
The first hours following a cyber incident are often critical to limiting the damage and restoring business operations as quickly as possible.
Who Is Cyber Insurance For?
Cyber insurance is recommended for companies that:
- Process personal or confidential business data
- Rely on IT systems in their day-to-day operations
- Provide online sales or digital services
- Work with external IT service providers
- Serve a large number of clients or business partners
- Operate in manufacturing, technology or service industries
- Conduct business internationally
Today, virtually every company depends on digital infrastructure to some extent. Cyber risks are therefore no longer limited to technology companies.
Local Support and Access to the European Insurance Market
For each company, we seek a solution that best reflects its business activities, size and risk profile.
Cyber insurance can be arranged:
- Through the Slovenian insurance market
- With specialised European insurers for more complex risks
- As part of international insurance programmes for companies operating in multiple countries
This enables us to provide:
- A broader range of coverage options
- Access to higher insurance capacity
- More flexible policy terms
- Coverage for parent companies and subsidiaries
- Access to specialised cyber incident response teams
A Solution Tailored to Your Business
Every company has a different level of exposure to cyber risks. For this reason, we do not take a one-size-fits-all approach when arranging cyber insurance.
We analyse:
- The company’s business activities
- The types of data it processes
- Its IT infrastructure
- Its reliance on external IT service providers
- Existing cybersecurity measures
- The potential consequences of business interruption
Based on this analysis, we identify an insurance solution that reflects the company’s actual exposure and specific requirements.
A cyber incident cannot always be prevented. Its financial and operational consequences, however, can be significantly reduced.