Cyber Insurance
Insuring against unforeseen business risks, such as shipwreck or fire, is a centuries-old practice. As new threats to business operations emerge, new insurance products are also developed. The insurance market’s response to risks in the digital domain is cyber insurance.
What does cyber insurance entail?
Cyber insurance can be used to cover costs incurred in connection with a digital incident. This may involve a cyberattack, such as a ransomware attack, business email compromise, or a hack. It may also involve issues caused by human error or technical system failures.
In addition to addressing the financial consequences of such digital risks, most cyber insurance providers also have a panel of experts who can be engaged to provide support during a cyber incident, known as Cyber Incident Response.
Please see our Cyber Incident Response Mindmap for an overview of the support these experts can provide.
Do I need cyber insurance?
Cyber insurance supports an organization both financially and through expertise and practical assistance. Cyber insurance policies are offered by various insurers in the Netherlands and may differ in terms of content and coverage.
It is worthwhile to assess whether cyber insurance is suitable for your organization, or whether, for example, entering into a retainer agreement would be a better fit.
