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Cyber insurance: an absolute need to protect your company

With the rapid growth of digital technology, companies are relying more and more on IT systems. Plus, with the arrival of new regulations such as GDPR, cyber risks are becoming increasingly significant. Threats posed by cyber crime can expose to every business, in any sector. The impact of a cyber attack on a company can be dramatic. Loss of data or an intrusion into the system can have both financial and economic consequences, which may jeopardize the survival of an unprepared company.

In the case of ransomware, hackers no longer limit their efforts to simply encrypt data and make systems inaccessible. Instead, they exploit their access to hacked information systems by collecting as much sensitive data as possible. Afterwards they use this data to threaten victims with the dissemination of their data (f.e. personal data of employees, clients or partners) and do not bother to increase the GDPR spectrum and the notorious 4% turnover penalties as an incentive for victims to pay more ransom.: they take advantage of having access to hacked information systems to collect as much sensitive data as possible, to put pressure on victims by threatening them with the dissemination of their data ( be it personal data of employees, customers or partners) and are driven to increase the GDPR spectrum plus the accompanying 4% turnover penalties. This action adds additional pressure on the victims resulting in paying a higher ransom to the hackers.

"Coronavirusmap.com, which claims to offer an interactive, worldwide evolution of the pandemic.  But in reality, this website is hiding malware." 

More recently, the World Health Organization (WHO) has taken steps to warn against fraudsters who pretend to be dealing with the Coronacrisis. Criminals around the world are exploiting the fear associated with the epidemic to commit fraudulent scams. They do this by sending fake e-mails from health authorities, or shipping companies with attachments that indicates a postponed delivery date due to a slowdown in Chinese ports. Clicking on the attachment triggers the installation of data filtering software. These e-mails look like coronavirus-related information, but instead they are computer viruses. To infiltrate companies' and private individuals' computer networks, cybercriminals often create fake websites. A typical example is coronavirusmap.com, which claims to offer an interactive, worldwide evolution of the pandemic.  But in reality, this website is hiding malware that may infect your computer and phone which steals your personal data (f.e. passwords, usernames, cookies, browsing history, etc.) and afterwards sells the information to hackers.

In this light, obtaining a cyber insurance is not a question anymore, but a must. AIG is currently a pioneer in Luxembourg with its cyber insurance: CyberEdge which provides coverage for all types of companies:(SMEs, associations, Key Accounts). This cover ensures protection for businesses in the event of an attack on their IT systems and data. And help companies not only to mitigate the financial impact of a data leak, loss or breach, but also to limit the impact on information systems.  In times of a cyber attack business continuity is crucial. AIG provides you with the best possible support when a cyber attack threats to disrupt operations while protecting the company’s reputation.

AIG teams up with the most qualified experts to ensure a quicker resolution of the incident and supports each company through the claim management process, including:

  • Crisis management: including expert costs, notification costs, reconstitution costs, etc.

  • Cyber-extortion: consulting fees needed to stop a threat, also the ransom itself if necessary.

  • Network disruption: due to malicious acts, negligence, network interruption caused by viruses, hackers or internal failures without external interference such as updates gone wrong etc.

  • Civil liability

  • Investigations and administrative penalties

 

Key advantages

  • Over 20 years of experience in the worldwide cyber-risks market We constantly update our coverages aligned with local market: new wording CyberEdge 2019 set up last June 2019 with a wider and updated coverage 

  • Subscription limit of EUR 15 million, including for facilities located in the USA/Canada

  • Worldwide support and assistance through an emergency number mentioned in the schedule

  • A certified team of IT, legal and crisis communication experts and specialists to provide a swift solution to any cyber incident.

  • Complimentary Prevention Services: vulnerability scans, Employee Cybersecurity eLearning and Phishing Simulation, access to Security rating platforms, etc...

Please do not hesitate to contact our team who is at your disposal to provide you with information in line with your needs.

Nadia Lahssak,

Underwriter Financial Lines / Corporate Accounts

Tel : +352 27007203
Mob : +352 661142044