Liability Insurance for Data Leakage and Cyber Risks (Cyber)
Cyber Insurance has gained relevance due to two factors that directly impact the day to day of companies. The first of them is the entry into force of the General Data Protection Law, which required companies to adapt to comply with the Law. The second is the significant number of cyber-attacks that have caused great damage to companies of all sizes and industries.
Cyber Insurance guarantees the company against any losses resulting from a cyber incident, either to ensure business continuity or to pay compensation for damages caused to third parties as a result of the leak of their data.
Among the main insurance coverages, the following stand out:
- Defense and investigation costs for an administrative or judicial claim
- Data restoration
- Advertising expenses for the maintenance of the company and society
- Extortion - ransom payment
- Lost profits
- Third party indemnity