Cyber Risk-Insurance

Cyber risk insurance solutions ideally complement the risk management of a financial institution or service provider. Cyber risk insurance covers internal and external third-party losses wide range of causes. Losses, which the financial institution as victims of internet crime, could suffer by their own or for which they can be held liable by their customers.

Cyber risk insurance combines coverages for loss arising out of liability claims and out of property damage. They reduce the potential financial impact of data leakage, data loss or breaches of data protection, and they cover the costs associated with the recovery of the business. Claims services by the insurer includes the use of experts for handling of crisis, PR specialists, law firms and other experts.

A standard product, - the name says it all - often does not match the client’s individual risk profile and maybe leaving the client unaware of critical gaps in coverage. Leading insurers often provide 'off-the-shelf' insurances with impressive features and attractive pricing. Such policies are sometimes very efficient to bind, no annoying questions asked.

However, most of the times these standard products contain unusual exclusions that limit coverage and/or the insured has to comply with specific contractual obligations as a condition precedent to an insurance claim made and successfully settled. We help our clients to eliminate such clauses from their policies.

For most companies, insurance represents one of their biggest investments and their largest source of contingent capital. The main purpose of insurance is to protect their balance sheet, and to reduce volatility in the profit and loss account following a large loss.

The challenge for insurance buyers is raising the awareness of the value of insurance beyond that of a commodity, and articulating how individual insurance covers can contribute to the financial strategy and financial modelling of the organisation.