Ransomware, personal data theft and computer virus attacks... Cyber insurance is becoming essential to protecting corporate financial interests and transferring residual cyber risk to the insurance market. In response to this exponential risk, our experts help companies adopt the best prevention strategies, select the right cyber insurance contracts and consolidate the technical documentation they submit to their insurers.
Cyber insurance: Limit the effects of a cyber incident on your business
Many companies assume that their property damage and/or civil liability insurance protects them against the consequences of cyberattacks. Wrong! Those kinds of insurance policies no longer include cyber coverage and, as a result, offer no protection against consequential loss caused by a cyberattack.
To minimize the consequences of a cyberattack on your business, we can tailor cyber insurance solutions to your needs, in consideration of the insurance contracts you already have in place and your level of exposure to cyber risk. This way, your company will be better equipped to handle the repercussions of a ransomware or phishing attack, such as business interruptions, production shutdowns, notification expenses, crisis communication expenses, etc.
Cyberattacks, the 2021 figures in France
Given the rising cost and number of attacks, the cyber insurance market is growing quickly, but companies are still underinsured for this risk, despite the fact that it is one of the biggest facing their businesses (source: French Treasury report on the development of cyber risk insurance, 2022). In terms of supply, the main obstacle to its development stems from the difficulties insurers experience in measuring this risk, which is constantly shifting and evolving, mainly due to a shortage of data. In terms of demand, companies (especially microbusinesses and SMEs) tend to underestimate the potential impact of a cyberattack on their businesses. For companies of all sizes, there is a renewed interest among insurers with regard to files deemed at least moderately good concerning cyber health, although insurers remain very selective when it comes to their policyholders’ level of security.
Cyber insurance: Coverage
Cyber insurance covers the company’s direct financial consequences and the consequences of liability claims against the company following a loss of data, the transmission of a virus, a cyberattack, etc. It covers the cost of the associated expenses: fees of forensic experts and lawyers that specialize in GDPR issues, expenses for crisis management and notifications of data breaches, data reconstruction, financial sanctions applied by administrative authorities and losses of revenue or business, including for claims related to the equipment and infrastructure used by employees working remotely. More than just providing compensation in the event of an incident, cyber insurance provides:
- Worldwide support in response to an incident, available 24/7
- Complete coverage of consequential losses
- Protection against your cyber liability
Prevention: Assess your company’s exposure to cyber risk and test your vulnerability
Good practices in the use and back-up of your data can usually reduce the risk of ransomware attacks, but these aren’t always enough. Verspieren, in its advisory role regarding this exponential risk, helps companies adopt the best strategies and consolidate the technical documentation they submit to their insurers. To improve your cyber risk prevention, we have developed two solutions that can minimize your cyber risk.
Step 1: CyberMetrics – Assess your exposure
Our CyberMetrics solution helps you quantify your cyber exposure and assess your level of cyber prevention, in order to prepare your file for insurers, so you can get your first cyber coverage or improve your cyber insurability (conditions, rates, etc.).
Our approach is simple and turnkey. It allows you to:
- gain a clear view of your risk and your potential losses
- identify any flaws in your cybersecurity strategy
- obtain information allowing you to present a comprehensive analysis of your risk, both internally and to insurers.
Step 2: Ransomware « Tir à blanc » solution – Test your protection
At a time when cyberattacks are increasing in number, frequency and complexity, cyber insurers have become particularly attentive to their policyholders’ ability to protect themselves against ransomware attacks and to respond to that type of incident.
Our Ransomware « Tir à blanc » solution uses non-destructive ransomware to simulate the conditions of a real attack as closely as possible: it mimics a sophisticated ransomware attack without posing a threat to your company.
This way, you can learn the same lessons as companies that have been the victims of major ransomware attacks, but without suffering the technical or financial consequences.