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Being a Network Partner of one of the largest insurance broking companies, we have the capacity to handle a broad range of risks on either a direct or a wholesale basis.
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Technology has become an essential part of every business. It plays a significant role in maximizing the efficiency and functionality of companies. The development of internet infrastructure has permanently changed the way we conduct business and engage with potential customers.
While technological advancements improve communication and data storage, they also create significant security risks. Cyberattacks can lead to the theft and leakage of sensitive information intended to remain confidential between a company and its clients. Cybersecurity breaches not only cause substantial financial damage but also tarnish a company’s reputation and break the trust between businesses, their customers, and partners. Every company should consider cyber insurance as a crucial measure to protect itself and its clients.
Cyber insurance helps businesses mitigate potential damage and exposure in the event of a cybersecurity breach. Large companies and banks are under constant threat of cyberattacks, but trends show that SMEs are also desirable targets for cybercriminals. More than half of small businesses have experienced security breaches that resulted in damage to their clients. Cyber insurance covers the costs of notifying affected customers about a data breach, compensates harmed clients, and assists in recovering sensitive information.
The use of cloud and computer systems to store customer data and sensitive company information can make your business vulnerable to cyberattacks. Although large organizations are often considered prime targets for hackers, small businesses suffer just as much—if not more—due to a lack of cybersecurity.
Because small companies typically do not have dedicated IT departments, cybercrimes against them are more frequent and often successful.
If a company suffers data loss, damage, theft, or corruption of its electronic systems during a cyberattack, cyber insurance covers:
Cyber insurance coverage can be divided into first-party and third-party costs. First-party coverage helps investigate an alleged cyberattack, protect a business’s reputation, recover sensitive data, and restore damaged computer systems essential for the continued operation of business activities. It also covers potential income loss and notification costs for potentially affected third parties.
Third-party coverage is used to cover damages, settlements, and defense costs related to third-party security breach claims. Third-party cyber insurance is necessary when a third party has sensitive information in your database and files a cybersecurity breach claim against you. In such cases, the coverage includes settlements and damages, as well as defense costs.
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Rinkos Insurance Solutions is a licensed insurance broker regulated by the Bank of Lithuania (License No. 0060). For additional legal information please visit the Terms and Conditions section.
