WHAT DOES CYBER INSURANCE PROTECT AGAINST?
Cyber insurance for IT (cyber risk insurance) provides protection against the negative consequences of cyberattacks — including reimbursement of ransom paid in a ransomware incident — affecting the insured’s infrastructure, as well as lost profits and increased operating costs.
The insurer may also cover the costs of hiring computer forensic specialists, legal support, and firms specializing in crisis management and public relations.
Subject to the exclusions and limitations of liability referred to in the general terms and conditions of insurance, Chubb’s coverage includes:
- Emergency Event Response Costs (PLN 100,000).
- Event Response Costs (100% of the sum insured).
- Business Interruption Damage (12h grace period; 100% of sum insured).
- Data and System Restoration Costs (100% of the sum insured).
- Computer Extortion (100% of the sum insured).
- Emergency Event Response Costs (PLN 100,000).
- Upgrade Costs (PLN 100,000).
- Damages from Cybercrime (PLN 100,000).
- Expenses Related to the Payment of the Award (PLN 100,000).
- Telecommunications Costs (PLN 100,000).
- Liability for Breach of Privacy and Network Security (100% of the sum insured).
- Administrative Penalties (100% of the sum insured).
- Ransomware (100% of the sum insured).
- Exploiting the Gap in the Old Program.
- Extensive Incident (100% of the sum insured).
WHY IS CYBER INSURANCE IMPORTANT TO THE IT INDUSTRY?
1.
Risk of cyber-attacks
An IT company is particularly vulnerable to cyberattacks because it often stores sensitive customer data and uses advanced technologies that can be targeted by cybercriminals.
2.
Reputation protection
A cyber attack can negatively affect an IT company’s reputation. Having cyber insurance can help manage the crisis and minimize damage to a company’s image.
3.
Financial management
Sound insurance is a surefire way to protect a company’s cash flow. In the event of a claim, the insurer will take care of covering the damage, allowing the company to preserve its cash flow.
WHAT DOES CYBER INSURANCE COVER?
A cyber insurance policy can cover a range of different benefits, depending on a company’s specific needs. Typical elements of cyber insurance (Cyber Insurance) include:
- Own costs resulting from the need to restore infrastructure;
- The cost of hiring computer forensic investigators;
- The cost associated with the need for crisis management specialists;
- The cost of hiring lawyers;
- Costs generated by public relations specialists.
CUSTOMER DATA LIABILITY
HOW CAN CYBER INSURANCE PROTECT YOU?
Data protection regulations such as RODO impose strict requirements on IT companies.
Cyber insurance can protect against:
- claims related to misuse of personal data
- Penalties and fines imposed by regulatory authorities (e.g., UODO)
This protects your company from potentially ruinous expenses in a crisis situation.
Data security breaches can lead to serious financial consequences.
Cyber insurance can cover:
- The cost of notifying customers of data leaks;
- expenses related to legal and PR services in the event of a breach;
- Compensation for customers whose data was breached.
This is an important safeguard in the face of increasingly stringent regulations.
A data security incident can lead to business downtime. The right policy can provide compensation for lost revenue in the event of downtime caused by a cyber security incident.
This allows you to maintain liquidity even in difficult situations. Insurance protects your business. It minimizes risk and helps you respond to incidents.
CYBER INSURANCE IN IT - COMPREHENSIVE PROTECTION FOR COMPANIES
Hacking attacks are extremely common today. More news about information leaks appear regularly. These are no longer just personal data, but also, for example, medical data stolen from laboratories or hospitals. It turns out that even the most sophisticated treatments to secure a company’s network infrastructure are not always enough.
Cyber threats are a real challenge for companies, regardless of their size or industry. That’s why Cyber insurance is becoming increasingly important to protect against the effects of cyber attacks and data breaches. For companies in the IT industry, understanding the nature and benefits of cyber insurance is crucial.
AVAILABLE CYBER INSURANCE LIMITS
500 thousand PLN, 1 million PLN
* within the sum insured selected for professional liability insurance.
* if in Professional OC the selected limit is 500 thousand PLN, then in Cyber you can choose only the limit of 500 thousand PLN.
DO YOU NEED A CYBER POLICY IN FOREIGN CURRENCY?
Go through the purchase process, pay for the policy, and then contact us – we will convert the amounts according to the NBP exchange rate of the day.
AVAILABLE TERRITORIAL COVERAGE OF CYBER INSURANCE FOR IT
The whole world excluding the U.S. and Canada and Cuba and sanctioned territories
OR
If you extend protection to the US and Canada – the whole world excluding Cuba and sanctioned territories.
Not sure which product is for you?
CYBER FOR IT - INSURANCE CONDITIONS
Information on the terms of the insurance coverage provided, including information on limitations and exclusions of liability, can be found in the general terms and conditions of insurance.
INSURANCE DOCUMENTS TEMPLATES
The insurance policy and certificate are key documents that confirm the insurance contract and clarify the terms and scope of coverage.
Below are samples of these documents to help you better understand what information they contain and how they are organized.
*Certificate assuming that the following are selected:
– Professional Liability – limit 1 million PLN,
– Cyber – limit 1 million PLN,
– General Liability – limit 1 million PLN.
– Coverage without US.
FREQUENTLY ASKED QUESTIONS - CYBER INSURANCE
Professional Liability Insurance (Programmer’s Liability Insurance/IT Professional Liability Insurance) is the backbone of protection for IT companies. It is the one that is responsible for damages resulting from errors in work related to IT services. It covers third-party claims related to the occurrence of financial losses (loss of profit, increased costs of doing business) in connection with the performance of IT professional activities (including but not limited to software design, programming and delivery, IT consulting services, software installation, IT equipment maintenance, data processing, IT project management, IT training services, etc.).
Business liability insurance is also responsible for covering third-party claims. This time, however, we are talking about property damage and personal injury arising in connection with the conduct of business activities (running an office, traveling to conferences and other meetings, using leased property, hiring employees and the resulting liability, etc.).
Cyber insurance protects against the effects of hacking attacks, data loss and damage to a company’s reputation. It also offers support in restoring operations after a cyber incident.
We described more at: https://ubezpieczenieit.pl/en/insurance/cyber-by-chubb
Yes. Under all these names is the same product – professional liability insurance for IT. You can read more about it: https://ubezpieczenieit.pl/en/insurance/oc-for-it
A good liability policy for a programmer should meet several conditions. It must provide comprehensive protection, guarantee reliability, protect finances comprehensively. The policy for a programmer should be provided by a world-class insurer. We write more about what insurance for a programmer to choose and what to avoid in a blog article: https://ubezpieczenieit.pl/blog/red-flagi-przy-zawieraniu-ubezpieczenia-na-to-zwracaj-uwage
If you are a contractor and work on your contractor’s equipment – you are not required to implement MFA.
If you run a company with employees, implementing MFA is a prerequisite for purchasing Cyber insurance.
Learn more from our blog article: https://ubezpieczenieit.pl/blog/wymagania-ubezpieczycieli-uwierzytelnianie-wieloskladnikowe-ang-multi-factor-authentication-mfa
The package includes three insurance products: professional liability insurance, general liability insurance and Cyber insurance.
The product is the same – professional indemnity insurance for IT. Whether you are looking for Programmer’s Liability or want to insure an IT company – you need a Professional Indemnity policy. You can extend the insurance with General Liability and Cyber, creating a #safeIT package.
Selecting a specific business area from the list on step 1 of the calculator is used to assess our risk. Regardless, however, the WHOLE business is insured.
CONTACT US
575 155 685
IT Insurance Ltd.
Wrocławska 98/1
81-530 Gdynia
+48 575 155 685
help@ubezpieczenieit.pl
KRS: 0000527586
REG: 222178401
NIP: 5862292598
AGENT NO: 11223850
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