S&P Cyber insurance

Cyber insurance provides security for e.g. in case of malware, denial of service attacks and human errors made by personnel.

Cyber insurance is a type of insurance that compensates for crimes committed in the company's information networks and human errors made by personnel. It also covers the additional costs related to the interruption and disruption of operations. Cyber insurance is important for every company and its importance is constantly increasing. Cyber security risks are often excluded from traditional business insurance policies, and cyber insurance can be complex and expensive to obtain depending on the size of the business.

Crisis management costs

E.g. rehabilitation costs, first response service costs or cost of an external loss adjuster

Damages incurred by the company

E.g. cost of restoring files, systems and networks, costs caused by an interruption or disruption in business activities

Damages incurred by third parties

E.g. cost of reporting personal data leaks

Well-planned data security doesn't eliminate the need for cyber insurance

Data security is an important part of the company's operations and it consists of several different areas, such as firewalls, terminal device protection and data backup, and the human side, i.e. employees. Well-planned information security helps protect against cyber threats, but does not eliminate the need for cyber insurance.

Professional cyber-attacks are increasingly targeting ordinary Finnish companies as well, and they can be targeted, for example, in addition to stealing data, to hijacking the management of entire operational systems.

Companies often store sensitive information, such as personal customer contact information and information about customer relationships or financial matters. Leaking this information can cause significant damage to the company. That's why it's important to take care of information security and consider getting insurance related to information security.

Recent cyber crimes

  • Swedish food trade chain Coop was forced to keep 800 shops closed after a cyber attack. The attack targeted Coop’s POS system provider, software company Kaseya. Finnish TietoEvry was also affected by the attack.
  • Sensitive patient information was stolen from private psychotherapy clinic Vastaamo. The group behind the attack demanded ransoms from both the company and its clients. Information leaked in 2018 is still available online.
  • Hackers took down American company Colonial Pipeline’s fuel pipe on the east coast of the United States. The company was forced to shut down its 8,900-kilometres-long pipeline as a result of the attack. The company also paid a ransom of 4.4 million dollars to the Russian hacker group, most of which was later recovered.

Tailored cyber insurance

For companies whose needs the solution we have already negotiated is not suitable or which do not meet the insurer's criteria, we are happy to obtain other suitable cyber insurance.

Purchasing customized cyber insurance proceeds like this:

  • we map the cyber risks related to the company's operations
  • we review the current insurance coverage and its coverage in relation to cyber risks
  • we plan the necessary supplements to the insurance coverage
  • we tender for the necessary insurances and obtain them for you.

If necessary, we discuss the contents of the insurance with the insurers and recommend the option that best suits your needs.

FAQ

Our competitive cyber insurance

Through us, you can get competitive cyber insurance that is suitable for small and medium-sized companies in certain industries approved by the insurer. The price of the product is determined based on the company's industry and turnover. In addition, the company must meet the insurer's minimum requirements regarding operations and information security. The purchase process however is significantly lighter compared to the purchase of standard cyber insurance. You fill out a pre-examination form, based on which you can find out if you can get our portfolio solution.
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