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Cyber insurance
Even high-level professionals make mistakes when providing services and Professional liability insurance is designed for such situations. This insurance protects the company in the event of a negative occurrence covered by the policy, providing coverage for the need to compensate losses to clients.
When providing IT services, the objects of insurance are the property interests of the IT company, which are associated with the responsibility for improper performance or non-performance of the obligations undertaken by the company within the scope of its professional activities.
Insurance risks included in the insurance program:
- omissions, negligence, and other unintentional professional errors made in the provision of IT services, including those caused by erroneous interpretation of legislation;
- technical errors that occurred during work, such as unauthorized access and use of information, virus programs, technical failures in the operation of a product leading to distortion or destruction of information;
- unintentional disclosure of documents, disclosure of trade secrets and other confidential information revealed during the insured activities.
Insurance of IT risks is protection for the company against potential financial losses due to cyberattacks and cybercrimes.
Why insure Information Risks
Every year, cyberattacks take a huge toll on companies - up to several million dollars in direct losses alone - and that number is inexorably rising. Additionally, companies and enterprises suffer from inevitable technical failures, the impact of the human factor and other causes. In practice, determining the exact amount of damage is nearly impossible, as approximately 80% of incidents and the magnitude of their resulting losses are concealed by companies.
The goal of cyberattacks is singular — to steal valuable information for subsequent sale or immediate financial gain. Identifying cybercriminals is a futile task, as hackers constantly outpace technical means and capabilities of law enforcement agencies. This is also related to the absence of a complete guarantee of the security of information resources.
To reduce financial losses from cybercrimes, cybersecurity insurance is provided. Today, insurance companies have developed effective and practically universal protection programs suitable for both small enterprises with an internal network and data processing centers or large global organizations.
Insurance risks include:
- loss of computer programs and electronic data, unauthorized use of computing resources;
- liability to third parties for damages caused as a result of confidentiality breaches;
- theft of funds in electronic form from the policyholder's accounts;
- costs incurred by the policyholder for defense, services of IT specialists and diagnostics of the information system.
Cost of Cyber Insurance
The price of the policy is calculated individually to meet the needs of a specific policyholder. The cost of Cyber insurance depends on the following factors:
- insurance coverage amount;
- composition of risks planned for insurance;
- use and amount of the deductible;
- field and specifics of the organization's activities;
- results of risk assessment.
To find out the cost of professional liability insurance programs for the provision of IT services and information risks in leading insurance companies, you can contact the specialists of insurance broker "PrioGe."
Our insurance broker will help you draw up a contract for professional liability insurance in the provision of IT services and insurance against Cyber risks according to your personal needs and will provide quality support at all stages of the contract conclusion.
