The world is moving fast nowadays, from the way we dress-up and eat to the way we do business. Stories about the millionaire who became millionaire because he didn’t had an e-mail address and couldn’t obtain a job at Microsoft and so it was forced to become entrepreneur, remain just that: stories. Even the smallest company now has at least an e-mail address and uses it to connect to its clients, suppliers, public authorities etc. The software usage among companies varies from a simple e-mail address to complex automation, accounting, banking and communication.
As the internet has grown and people and companies became more connected, even entire businesses operating online, the huge amount of added value has become a very attractive environment for a new type of criminality, the cyber one. The prejudice caused in 2016 by cyber attacks worldwide is estimated at more than 445 billion dollars, and expected to reach 1 trillion by 2019.
The most recent cyber-attack, “WannaCry” has targeted around 99 countries. Romania was the 9th most affected country. More than 320 public institutions, governmental or private businesses, have been affected by it, and that is only the official data. In order to limit their losses and preserve their image, most companies do not report such incidents.
Depending on their business size, some may say: “I just have an e-mail address I can’t be affected!” Yes you can. You may have an e-mail address but your accountant uses software to keep your books and registers. What if she loses all that data? The implications would cascade from sanctions from ANAF and other institutions to losing clients; or others may think: “We have a very capable IT department!”, or: ”We have invested millions in security solutions!”. Yes you did but most of the security bugs are discovered and fixed after they are breached not before. So how sure are you?!
But what if someone reaches his hand to you and says: “We’ve got you covered!”
We, CertAsig have developed an insurance product to cover your losses caused by cyber attacks, the Cyber Risk policy.
You operate with Personal Data? We’ve got you covered!
CertAsig covers a wide range of damages caused to you by security breaches on Personal Data. Starting with the cost of forensic analysis regarding the Personal Data security breach, continuing with legal fees, the costs generated by the notification of each person and/or public authority if the legislation requires, even the costs generated by providing a call center to answer the questions of the affected persons.
Your activity has been interrupted by cyber attacks? We’ve got you covered!
CertAsig covers the loss of your income including the one generated by the loss of your reputation because of the attack and any other expenses generated exclusively and directly by the interruption of your activity.
You lost your data because of hackers? We’ve got you covered!
CertAsig covers all your expenses, reasonable and necessary to: repair or replace your IT system, software or data, at the same standards as they were before being deteriorated, destroyed, modified, corrupted, stolen or misused.
You are a victim of cybernetic blackmail? We’ve got you covered!
In case you are threatened with the destruction of your IT system or with the reveal of confidential commercial data, CertAsig covers: any ransom costs demanded by the attacker (if goods or services are demanded we cover their market value), the fees of the consultant in charge of the administration and negotiation of the ransom, the costs ransom theft, in case the ransom is stolen in transit to, or at the place agreed for the payment of the ransom.
You have to pay damages to third parties? We’ve got you covered!
In case third party made claims against you because of Personal Data security breach, CertAsig covers: the amount established to be paid for the breach of confidentiality, taxes, fines, penalties, the investigations costs of the protection of Personal Data and the defense costs.
In case third party made claims against you because of intellectual property breach, defamation (including but not limiting to calumny, incorrect commercial practices, discrediting of products, premeditated false), the culpable transmission of an electronic virus (which is directly resulting from the content of the e-mail, intranet, extranet or website, including modifications or additions made by a hacker), CertAsig covers the compensatory amount to be paid and the legal defense costs.