The booming usage of computers and mobile devices worldwide has gone together with an increasing number of  cyber attacks. Those attacks have affected companies in sectors as varied as energy, transport, health, financial services, IT, retail or governmental organizations. No company is now immune. With rising cyber threats, companies should be particularly attentive to protecting their business against cyber risks.

What is cyber insurance?

Cyber insurance covers cyber risks, that is: the losses relating to damage to, or loss of information from, IT systems and networks.

What are the risks covered?

In conjunction with EUROP Insurance Brokers’ strategic partners, we provide cyber security risk assessments and cyber insurance program design, placement and localization to the specifics of the Ukrainian market. The range of insurances we arrange is commonly offered in a modular policy format and can cover a multitude of risks that fall into first party and third party risks.

First-party insurance covers the assets of your own business. It may include:

• Digital asset (data or software) loss or damage from cyber-attacks like, for instance, viruses, malware, stolen devices, phishing, or web-based attacks;
• Business interruption from network downtime or failure of software or systems;
• Cyber extortion, where third parties threaten to damage or release data if money is not paid to them;
• Reputational damage arising from a breach of data that results in loss of intellectual property or customers;
• Theft of money or digital assets through theft of equipment or electronic theft;
• Privacy and security breach response related expenses, including legal and public relations, notifications, forensics, and call centre services costs.

Third-party insurance covers the assets of third parties, typically your customers. It may include:

• Security and privacy breaches, and the investigation, defense costs and civil damages associated with them;
• Loss of third party data, including payment of compensation to customers for denial of access, and failure of software or systems;
• Media liability, to cover investigation, defense costs and civil damages arising from defamation, breach of privacy or negligence in publication in various media.

How to get Cyber Insurance in Ukraine?

We have access to a variety of specialist re-insurers on the London market with very broad policy wordings. Policies can be localized and fronted by a range of carriers in Ukraine.

We are your disposal to discuss how we can help protect your business from the growing threats of cyber risks. Call us (+380 67 214 56 24) or send us a message (info@europbrokers.com).