Cyber– Insurance in Spain
A cyber-attack can cause significant financial losses and painful reputational damage. These risks have increased considerably in recent years.
Companies and employees alike are exposed to various dangers arising from technological developments, and cyber-attacks are commonplace.
The main risks are the loss of relevant information, the destruction of operational and production systems or even irreversible damage to reputation if not managed correctly.
With the increase in cyber attacks, cyber insurance policies have emerged to protect policyholders from virus and hacker attacks. Such insurance typically includes:
- Protection against damage caused by the alteration, destruction or loss of data due to external cyber-attacks.
- Theft and loss of digital files.
- Protection in the event of non-compliance with the Organic Law on Personal Data Protection (LOPD).
- Cyber threats.
- Access to the crisis management team.
- IT support.
- Data recovery.
Tailored to your needs
The most common coverage for cyber insurance includes:
- Multimedia liability
- Liability and defence costs for acts such as infringement of the right to honour, the right to personal and family privacy, the right to one’s own image, plagiarism, piracy, copyright infringement, etc.
- Civil liability related to privacy and data security.
- Liability and defence costs arising from breach of computer network security or invasion of privacy, such as deletion of electronic data on a computer network, unauthorised disclosure of data or private information, failure to prevent the transmission of malicious code or computer viruses on a computer network, etc.
- Costs of crisis management, customer notification, credit control and recovery costs.
- Costs associated with hiring a public relations consultant.
- Costs associated with complying with data protection regulations for customer notification.
- Customer service costs and provision of credit monitoring services.
- Extortion costs.
- Amounts paid following a cyber threat.
- Data recovery and lost profits.
- Defence and penalties.
Who is cyber risk insurance for?
Who is cyber risk insurance for?
Cybercriminals know that large companies are the ones that allocate the most resources to the security of their systems, so they focus their attacks on SMEs.
Nowadays, almost all companies depend on computer systems for their daily operations; therefore, this cyber insurance is aimed at all types of companies. From SMEs to large companies or organisations.
What does insurance against cyber-attacks cover?
What does insurance against cyber-attacks cover?
The main covers of the cyber-attack protection policy are:
- Compensation to third parties
- Compensation for loss of income
- Defence costs
- System restoration
- Legal advice
- Data recovery
- Public relations, reputation crisis management
- Computer forensics
How can a cyber attack affect your business?
How can a cyber attack affect your business?
Extortion:
To regain access to your system and/or data, you have to pay.
Business interruption:
Systems and programs are locked down.
Data theft or loss:
Customer and employee data is deleted or stolen.
Economic loss:
Economic damage from an attack can ruin a company.
Investment after the attack:
The expenses you will incur after the attack will affect your finances.
Loss of confidence:
Business failures and loss of customer data damage your image and trust in you.
System failure:
Inaccessibility or compromise of the computer system, preventing its normal operation.
Claims:
Stolen information can lead to fines, penalties and claims from injured parties.
Cyber covers
With cyber insurance, coverages can be tailored to each client’s needs based on the following:
With cyber insurance, coverages can be tailored to each client’s needs based on the following:
Basic cover
Third party claims
Own damage
Restoration costs of computer systems
Settlement procedures Claims and investigations
Incident management
Additional time limit for reporting damage
Optional cover
System security enhancements
Vouchers
Loss of services due to technical problems
Loss of profit due to interruption of an external IT service
Benefits of cyber insurance
Financial protection:
The average cost of a cyber loss ranges from EUR 30,000 to EUR 75,000.
Cyber risk insurance protects you against claims from affected third parties as well as GDPR-related investigations.
IT protection:
A qualified team of specialists in dealing with different types of attacks will advise you on how to act in each case.
An attacked SME will have to stop its business activities during the investigation. Once systems are restored, there can be a serious trust issue with customers, which can lead to a decline in business.
Bohemia Mallorca successfully cooperates with all renowned insurance companies in Spain: Car insurance, household insurance, pet insurance, motorcycle insurance, legal protection insurance for self-employed, travel insurance or private health insurance in Mallorca. So you will always find the product that best suits your needs and benefit from our unparalleled customer service.
