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Cyber insurance

The final step in sound risk management

Many organisations lack the security required to protect themselves from cybercrime. Intermont recognises this as follows:

Despite the increase in cybercrime, Intermont offers coverage for cyber risk.
During the underwriting process, Intermont makes a healthy critical analysis of the risk applicable.
Intermont has an extensive network of specialists who are able to contribute to effective incident management.

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24/7 availability is a must for victims of cybercrime

Cyber criminals do not limit their activities to office hours. Therefore our incident management team is available 24 hours a day, 7 days a week for insured who become the victims of cybercrime. Close consultation between Intermont, the broker and the insured, is vital at times like this.

We are keen to draw on our knowledge and experience of cybercrime to help keep the consequences of cyber incidents to a minimum.

Cyber insurance includes different types of cover. For example:

The cost of incident management
Business interruption loss
The cost of data recovery
Reputational damage
The cost of new hardware and software
Claims from third parties
The cost of defence
Administrative fines
Ransom payments

Some cover elements depend on the risk profile, while other costs will only be covered if they have been agreed with us in advance.

Cyber risk

Cybercrime is increasing

An increasing number of organisations are becoming the victims of cybercrime. The severity of this situation is evident from the fact that cyber incidents now outnumber domestic burglaries.

Because cybercrime is very lucrative for criminals, it is unlikely that the risk of this type of crime happening will improve in the short term. Knowledge and experience play an important role when combatting cybercrime. The type and speed of response to an incident will affect the ultimate success that cyber criminals achieve.

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Awareness

There are major consequences for the companies targeted

Data leaks and cyber incidents are responsible for huge losses throughout the world. Costs are estimated at € 7 billion. Hackers are more active than ever and becoming ever more professional in their approach. Companies are often unaware of this and fail to put sufficient measures in place.

Loss as the result of cybercrime

Cybercrime is a lucrative business model for cyber criminals, whether they choose to target commercial organisations, public institutions or semi-public institutions. Important costs incurred after an incident include the cost of incident management, business interruption loss, reputational damage, the cost of data recovery, hardware and software and the losses suffered by third parties. Another important cost component is the ransom paid and any fine imposed. Cyber insurance taken out via Intermont can provide cover for all of the costs above.

Proper cyber risk insurance requires an in-depth analysis

To avoid organisations underinvesting in security, Intermont makes a healthy critical risk analysis of the following points during the underwriting process:

Data encryption
Multi-factor authentication
Employee awareness and training
The presence of policy, protocols and supervision of compliance with all of these
Hardware and software set-up, including the security measures taken
The quantity of personal data involved (specific attention for medical data)

Who to contact for more information

Brokers and risk carriers can contact us directly to find out more about the types of cyber insurance we are able to offer.

Individual insured should contact their brokers first.