Cyber insurance questions

To make it as easy as possible for you, we have compiled the most asked questions about Cyber insurance. If you do not find the answer to your question, you are of course welcome to contact us.

How do I file a claim and incident?

  • For acute incidents, please contact the incident response team. For non-acute events where the damage is under control, please proceed and contact the insurance company. 

How do I find out if my insurance policy covers cyber incidents?

  • Please contact the response team for assistance and the insurance company to file a claim. If the insurer declines your insurance claim, the actual or suspected cyber event will not have any additional cost for you.

Does the insurance cover the costs of restoring systems and networks?

  • Yes, the insurance covers reasonable and necessary costs of recovering data, systems and networks from virus attacks, DDoS attacks, employee error, among other things. 

Does the insurance cover a fee to be paid by ransomware or any other extortion?

  • In some cases, to prevent further losses. However, the insurance company must previously approve this preventive measure. 

Do you also cover if an employee fraudulently steals customer information?

For the most part, the insurance covers liability expenses incurred by an employee on behalf of the company (except theft committed by managers and bosses).

What is the difference between Cyber and Online Banking Insurance?

  • Cyber insurance covers claims related to the restoration of IT systems and networks, data breach claims, and support by a cyber response team that includes security experts, legal and PR assistance.
  • Online banking insurance covers cyber theft, i.e. hacking of the company's systems causing online banking intrusions, where the business bank account is the target.

What is the difference between a Cyber and a Professional Liability Insurance?

  • The cyber insurance covers damages related to the restoration costs of IT systems and networks, claims for damages due to data breach, and the support of a cyber response team that includes security experts, legal and PR assistance.
  • Professional liability insurance covers financial claims alleged by clients or a business partner, resulting from professional advice negligence, malpractice or misrepresentation.