Cyber Insurance

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Rinkos Insurance Solutions is a market leader in insurance broking. We help clients better quantify and manage risk to survive and thrive.
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.
Drawing on solid relationships with London and global markets we’ll do our utmost to find the right solution for you.

What is Cyber Insurance

Technology has become an important part of every business. It pays a significant role in maximizing the efficiency and functionality of every company. The development of internet infrastructure has forever changed the way we conduct business and reach out to potential customers. While technological improvements allow better communication and storage of data, they create a significant threat to security. Cyberattacks can lead to theft and leaks of sensitive information, intended to be only visible by the company and its client. Cybersecurity breaches not only cause significant financial damage but also tarnish the reputation of a company and break the trust between the business and its customers and partners. Every company should utilize cyber insurance as one of the ways to protect itself and its clients.

Cyber insurance helps businesses reduce the potential damage and exposure in the case of a cybersecurity breach. Large companies and even banks are under constant threat of a cyberattack, but trends show that SMEs are a desirable target for cybercriminals as well. More than half of small businesses have experienced security breaches that ended up causing damage to their clients. Cyber insurance covers the costs of informing harmed customers about a breach of their data, works on compensating affected customers and recovering sensitive information.

When Do You Need Cyber Insurance

Utilization of cloud and computer systems to store customer data and sensitive company information can always make your business a victim of a cyberattack. Although the prominence of big organizations should make them the main targets of hackers, small businesses suffer just as much, if not more due to a lack of cybersecurity. Because small companies usually do not have IT departments, cyber-crimes against them are frequent and quite successful.

What Cyber Insurance Covers

If a company suffers a loss of data or damage, theft, corruption of its electronic systems during a cyber-attack, cyber insurance covers:

  • Data Loss & System Damage
  • Business Interruption
  • Notification Expenses
  • PR/Crisis Management
  • Content Liability
  • Regulatory Investigation Expense

Types of Cyber Insurance Coverage

Cyber insurance coverage can also be divided into first-party and third-party costs. A first-party coverage helps to investigate the alleged cyberattack, protect the reputation of a business, recover sensitive data and restore the damaged computer systems, needed for the functional continuation of business activities. It also covers the potential loss of income, notification costs for potentially affected third parties.

Third-party coverage is utilized for covering damages, settlements and defense costs against third-party security breach claims. Third-party cyber insurance is needed when a third-party has sensitive information in your database and makes a claim of a cybersecurity breach against you. In this case, the coverage covers settlements and damages, as well as pays your defense costs.

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