What is a cyber insurance ?

A Cybersecurity insurance is a contract to cover a business in the face of Cyber ​​risks. Among them, we find in particular cyber attacks, which can take multiple forms: ransomware, phishing, theft of personal data, espionage, malware …

But a Cyber ​​insurance contract It is not necessarily limited to these malicious acts: it can also protect the insured against computer accidents. This is, for example, the unintentional disclosure or deletion of personal data, or even a server failure generating loss of activity.

Who is cyber risk insurance for ?

Any organization that has sensitive and essential data for its proper functioning may need a Cyber ​​Risk Insurance. Indeed, insurance companies offer contracts adapted to all types of structures, micro-entrepreneurs to large groups, including VSEs, SMEs or associations.

Thus, everyone benefits from coverage adapted to their needs, resources and risks to which they are exposed. Not all companies have the same vulnerability to attacks and do not collect the same volume of personal data. Hence the interest of a personalized cyber insurance offer.

However, certain activities are more exposed than others. This is particularly the case for web, IT or digital communication professionals, who access data, websites or customers daily. Here, the slightest security flaw can be used by a pirate and lead to an attack or a data leak.

What are the guarantees of cyber insurance ?

Depending on the insurer and the insured profile, Cyber ​​Security insurance may include different types of guarantees. However, this protection generally revolves around three main components.

Crisis management

With cybersecurity insurance, the company benefits from a Assistance for incident managementwith IT and legal experts at his disposal.

Crisis management usually goes through three main stages:

  • Identification of the origin and nature of cyber attack who affected the company’s computer system.
  • Implementation of corrective actions: deletion of the malicious program, security of networks, restoration of stolen, infected or altered data, etc.
  • Incident analysis And the emission of recommendations in the protection of the computer system, in order to avoid future attacks.

The financial consequences of the incident

In general, a Cyber ​​insurance provides for a Support for expenses necessary to react to the incident as soon as possible: IT intervention costs, restoration costs of the system or data, replacement of infected software, online delivery of a damaged site, etc.

In addition, since the entry into force of the General Data Protection Regulation (GDPR), companies have the obligation to inform their customers in the event of violation of the personal data of the latter. The communication costs resulting from it are also covered by the Cyber ​​insurance contract.

Finally, a computer incident may have significant repercussions on the turnover of the company and train operating losseswithout forgetting the payment of a possible ransom as part of a ransomware attack. Again, cybersecurity insurance allows the company to Face to face the financial consequences of the incident serenely.

Cyber ​​civil liability

In case of Data disclosure of a personThe responsibility of the company can be engaged by a third party, whether it is a customer or the National Commission for Data Protection (CNIL). This is why a cyber contract generally includes a Civil liability insurance Covering legal defense costs, financial sanctions or damages requests.

How to limit the risks of computer attack ?

According to the 8ᵉ barometer of CESIN cybersecurity, 45 % of French companies underwent a cyber attack in 2022. The risk is therefore omnipresent and it is essential to take preventive measures in order to decrease it.

This is why companies must have tools of IT security Effective, starting with a reliable antivirus firewall, antivirus and VPN. Costing sensitive data and conversations is also a significant security lever.

But, beyond technological means, organizations must anchor certain good practices within their teams, in particular:

  • Use various passwords and update them regularly.
  • Set up a multifactor authentication system.
  • Check the authenticity of the emails received.
  • Carry out frequent data backups.
  • Update computers and other devices used.
  • Do not carry out transactions on sites unsecured by the “HTTPS” protocol “

Indispensable to respond quickly to a computer attack, Cyber ​​insurance is synonymous with serenity and security for companies, whatever their size and activity. Nevertheless, risk reduction also involves the implementation of daily prevention measures.