de wondere wereld van cyberinsurance 22/01/2019...de wondere wereld van cyberinsurance 22/01/2019...
TRANSCRIPT
DE WONDERE WERELD VAN CYBERINSURANCE
22/01/2019
Urgent realitycheck needed
“The number 1 threat for SMB CEOs is ‘thinking they are immune’ for some reason.
They think they don’t have anything the hackers want because it’s not worth the price to protect themselves.
Until something happens, then they’re shocked by the cost to get everything back up and running. It’s mind blowing.”
Micheal Drake CEO MasterIT
Inconvenient truth
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100% confidential
Non-commercial
Free
Based on
Interactivereporting!
WWW.CYBERTEST.BE
15 MINUTES WELL SPENT : Cybertest
+250 companies did the test on
CHOOSE AFFIRMATIVE
COVER
Cyber risks are NOT COVERED
by traditional insurance
+ 95% of all
Liability insurance doesn’t cover security breach
Fire Insurance doesn’t cover cyber incidents
Allrisk Electronics doesn’t cover malware
doesn’t cover cyber attacks
Business Interruption doesn’t cover cyber incidents
Don’t chooseLIGHTWEIGHT
solutions
Data is the new gold
The loss of data / data integrity is critical toyour business continuity
Add-on covers & cyber covers “light” Cheap (Remember Michael Drake!)
Cover Small amounts
Have all sorts of ‘limitations’ (definitions / specified risks /…)
No 360° approach
Why the old recepies don’twork
• New risks mean little or no reliable historical data
• Many clients ≠ a distributed risk
• There’s a serious systemic side to it
• Inevitable global risk exposure
• (SME’s) Lack of Business Continuity and Disaster Recovery Plans ! Who you gonna call? Ghost Busters ?
• Increasing legal compliancy restrictions
• …
Fresh ingredients to a new approach!
Large (re)insurance companies provideGLOBAL capacity
CyberContract adds Local expertise (need for speed)
Efficiënt communication (360°)
Customer-centric process flows (online + comprehensible wordings)
Cyber risk Insurance
Cyber Insurance is about a lot more than only hacking !
When things go wrong
When things go wrong
• What is going on?
• Is this a cyber incident ?
• Did we loose data?
• How long has this been going on ?
• How can we solve it ? What should we communicate to who ?
• Do we have notification obligation ? How ? Time bar ?
• Did we miss anything ?
• The press is calling … what to do ?
• Is this going to have legal repercussions ?
• Our social media pages are flouded with reactions of concernedcustomers
• …
The Answer : BCDR
• Business Continuity and Desaster Recovery plan
• Usually non-existant when it comes to SME (Remember Michael Drake)
• First tasks of cyber insurance is to organise or finance the BCDR support
• Efficient response implies involvement of the (in)house suppliers IT (and possibly legal)
Purpose ?
Reduce the impact of the incident
Report to insurers to asses if the incident qualifies as a covered sinister
HOTLINE
0800 26 021
Reduce the impact ?
Road assistance :Get the company up and running again
Expert : Assist in assessment of financial impact and insurance coverage
NOT repair shop
Purpose ?
Reduce the impact of the incident
Report to insurers to asses if the incident qualifies as a covered sinister
HOTLINE
0800 26 021
When is a cyber incident covered ?
Infringement against data protection legislation, loss of personal or corporate data Both digital & physical !
Security failure Unauthorised access or use of the computer system, virus, malware, DDOS,…
System failure (incl Cloud) Sudden unplanned or unintentional halt of the computer system
CC Product range
• 4 TOP-range products containing all cyber-covers
• Cyber-covers:
• only 1 sublimit (data theft)
• Own-risk of € 1.500 or € 2.500
• Online module for tarification & subscribtion!
Building blocks
DATA
MULTI MEDIA
Defamation, libel, slander, disparagement of trade reputation
or the character
Unintentional infringement of copywright (titel, trademark,
domain name, ...)
Plagiarism, piracy or misappropriation or theft of ideas or
information;
Invasion, infringement or interference with rights of privacy or
publicity,
Unfair competition, but only if (alleged) in conjunction with the
above
Liability arising out of the insured’s negligence in respect of
any digital media content
Loss of personal or corporate data
Including data processing and other services by outcourcers
Security breach, failure or violation of the security of the company’s computer system
Virus, Malware,...
Theft, the destruction, modification, corruption, damage or deletion of third party data
Denial of access to an authorized third party to its data;
CYBER EXTORTION
CYBER RANSOMCYBER THEFT
HACKING OF TELEPHONE SYSTEM
Crisismanagement
Ransom payment
Theft of digital currencies, bonds & equities, loss of physical goods as a result of
unauthorised use of the companies IT system
Refund of the calling costs generated by the hacking of the telephone system
FORENSICS
RESTOREREPUTATION
ID AND CREDIT MONITORING
COMPLIANCEAUDITSFINES
RECOMPOSITIONOF COMPANY DATA
NOTIFICATION
NEW !MEMBERS OF THE BOARD
Computer system?
Is the definition of the system comprehensive … IoT, Cloud, BYOD, …
PROFIT LOSS BY NETWORK INTERRUPTION
Profit losses as a consequence of an interrution of less performance of the
company’s computer system due to a security failure or a system failure
Security failure?
• Failure and intrusion, including DDOS, virus, malware, ..
• Theft of passwords including non-electronic theft
• Theft or loss of hardware
System failure?
• Any unplanned or unintentional halt/outage of the computer system
Legal Aid
Refund deductable Third Party
Penal defence
Contractual Law
Individual labour dispute
Civil defence
Dispute with GovernementalOrganisation
Dispute against cyber insurer
Advances on claim amounts
Bond posting
Recovery on liable thirdparties
Pricing
COPPER BRONZE SILVER GOLD
Insured capitalCYBER covers € 250.000 € 500.000 € 1.000.000 € 2.000.000
Product range
OR CONTACT US FOR TALOR-MADE SOLUTIONS !
Price depends on : TURNOVER
ACTIVITY
ACCEPTANCE QUESTIONS
COVERAGE & OWN-RISK OF YOUR CHOOSING
SPECIAL : Safeshops-members with
NO acceptance procedure (questions/…)
UNIQUE DISCOUNT PRICING based on turnoverCOMPANY TURNOVER ANNUAL PREMIUM
Up to € 500 KCyber Coverage level € 500 K € 500 + taxes
Cyber Coverage level € 1 mio € 750 + taxes
Up to € 1 mioCyber Coverage level € 500 K € 650 + taxes
Cyber Coverage level € 1 mio € 950 + taxes
Exceeds € 1 mioWebshop turnover < 50% Lower risk-class & -20%
discount
Otherwise Talor made
Please visit https://www.cybercontract.eu/safeshops-nl for more information
Some final thoughts
• CEO : Pull off the bag over your head
• Critical risks need insurance
• Cyber risks need dedicated insurance
• Cyber insurance is not expensive
On average an SME can buy adequate cyber insurance for the same budget as itwould take to insure one or two cars.
Cybercontract is your partner !
CALCULATE Your Quote !
Go to www.cybercontract.eu of
Contact one of our 60 partner brokers !
Send a mail to