Do you feel insecure about the possibility of receiving a cyber attack? Spain is the country that receives the most cyberattacks every day, and the prediction is that this number will increase. At CINC insurance brokerage we make it easy for you to take out cyber-attack insurance through one of the best insurances on the market, to protect your business against losses that may be caused by cyber-attacks.
Spain receives around 400 cyber-attacks every day, with SMEs being the most affected. Seven out of ten attacks are directed at them, resulting in 60% of them having serious continuity problems within six months of the attack. Why does this happen? Many affected SMEs have a much more vulnerable security system and no contingency plans in place.
Moreover, the most common form of cyber-attack is via e-mail (1 in 130 e-mails contains a computer virus) and for this reason, any mistake can be costly (the average cost per attack is €50,000). It is important to bear in mind that these attacks result in 30% of companies losing customers and brand reputation.
What coverage does cyber protection insurance include?
• Immediate or contingency actions in the event of cyber attacks: Analysis of the damage and possible restoration of the system.
• Repair or replacement of hardware, if it fails due to a cyber attack.
• Data theft, incident management and recovery: In case of theft of customer personal data, investigation of the origin and possible recovery of electronic data.
• Liability to third parties for loss of information and data theft: Neutralisation in the event of the publication of false information about your business or product removed from the web.
• Business stoppage: If your website or sales platform is manipulated and your customers are unable to buy, the incident is dealt with as quickly as possible so that you can resume your business activity immediately. In addition, if you are forced to suspend your business for a certain period due to a computer attack, you will receive compensation from the insurance company for the financial losses while you are unable to continue your business.
• Extortion incidents: If a hacker blocks your company's computers and does not allow you to work until you pay a ransom, the insurance company will advise you to put an end to the cyber extortion and unblock the equipment. If your website is hijacked or impersonated, the insurer will provide the necessary means to recover it.
• Identity theft or social engineering fraud: If they impersonate your identity and impersonate you when concluding a deal with a supplier or a customer, the insurance covers the fees and costs of this supplementation up to the limit stated in the insurance contract. If cyber criminals maliciously cause an employee to make a bank transfer to a bank account that does not belong to the customer, supplier or others, the loss will be compensated up to the limit stated in the insurance contract.
Additional preventive services
• 24-hour cyber-assistance: If your company's screens crash or you have doubts as to whether a backup has been made correctly, an insurance specialist will help you to solve the problem.
• Protection software: If you need to protect your computers, the insurance will check that your antivirus is up to date and will install an application to prevent information from being hijacked.
• Backup copies: If you have information that you don't want to lose, they will recommend a system of daily backup copies so that your company's data is always safe.
• Web vulnerability analysis, and internal and external IP network: If you want to know the degree of vulnerability of your web or network devices, the insurance will analyse what dangers may come from the Internet, and we make recommendations and implement solutions.
• Legal recommendations on data protection: If you have doubts about the new data protection law, you will receive general recommendations to help you comply with the regulations.
• Reputation analysis on networks: If you want to know what people are saying about your company on networks, the insurance company will carry out a detailed analysis to provide you with the information and help you improve it.
• Cyber protection recommendations: If you do not know how to protect yourself or how to react to a cyber incident, the insurance will provide you and your employees with information.