Cyber Risk insurance

Cyber insurance – what is it about?

Lost or “leaked” data, corrupted computer system, interrupted business, damage to third parties and reputation are dire consequences for any business or organization for mismanagement of its cyber risks.

Nowadays, as cybercrime becomes increasingly common, adequate protection against threats of the digital age is one of the most important challenges for responsible business.

Cyber insurance will not only indemnify the company and other parties for the losses incurred as a result of the cyber incident but will also provide much-needed advice and specialist assistance in drawing up and implementing a crisis management action plan.

Costs that we will reimburse the company

  • Incident investigation costs

  • Costs of identification and communication with the aggrieved persons

  • Public relations and crisis management consultancy costs

  • Compromised or lost data recovery costs and repair of corrupted computer systems

  • Loss of profit and/ or operational expenses during the computer system restoration period

  • Extortion payments demanded by hackers

  • Amounts lost due to fraudulent actions in the case of social engineering

Indemnification of the others

  • In case the company is claimed for security & privacy breach, we will cover:
  • Losses suffered by the third parties

  • Legal defence costs of the company

BUNDA cyber insurance advantages

  • Professional assistance in case of an incident

    A team of cybersecurity professionals (IT professionals, lawyers, communications and other specialists) will help to make an incident management plan and eliminate the consequences of the event as smoothly as possible.

  • Large sum insured

    We can cover your cyber risks by up to EUR 10 million sum insured.

  • Individual solutions

    We will help you put together an individual insurance plan tailored to your business.

  • Worldwide security

    Our cyber risk insurance coverage is valid worldwide.

Practical examples

home computing  virus alert
Cleaning company

Losses: EUR 17.5 thousand

As a result of company’s computer network and email system hacking, its clients received invoices with incorrect bank account number. Losses suffered by the company included incident investigation, system maintenance and lost revenue for provided services.

Cyber_Cosmetic Surgery Sample jc-gellidon-uhXlRnt9dTw-unsplash
Plastic Surgery Clinic

Claim amount: more than EUR 230 thousand

Sensitive personal data (names, surnames, personal ID codes and pictures taken before and after the surgery) of more than 22 thousand patients was stolen. Hundreds of aggrieved persons paid redemption payments for their stolen data not to be disclosed. Most civil lawsuits are for non-pecuniary damage.

A,Fish,Hook,With,Email,Sign,On,Computer,Keyboard,/
Editorial office of a newspaper

Loss amount: EUR 3.6 thousand

Employee of a district newspaper opened a personal email and clicked a link in it. Malware was installed on the computer that infected the company’s system. A virus was transmitted to the advertising customer together with the invoice and infected its systems as well. Data recovery and system maintenance costs were incurred.

Practical examples

home computing  virus alert
Cleaning company

Losses: EUR 17.5 thousand

As a result of company’s computer network and email system hacking, its clients received invoices with incorrect bank account number. Losses suffered by the company included incident investigation, system maintenance and lost revenue for provided services.

Cyber_Cosmetic Surgery Sample jc-gellidon-uhXlRnt9dTw-unsplash
Plastic Surgery Clinic

Claim amount: more than EUR 230 thousand

Sensitive personal data (names, surnames, personal ID codes and pictures taken before and after the surgery) of more than 22 thousand patients was stolen. Hundreds of aggrieved persons paid redemption payments for their stolen data not to be disclosed. Most civil lawsuits are for non-pecuniary damage.

A,Fish,Hook,With,Email,Sign,On,Computer,Keyboard,/
Editorial office of a newspaper

Loss amount: EUR 3.6 thousand

Employee of a district newspaper opened a personal email and clicked a link in it. Malware was installed on the computer that infected the company’s system. A virus was transmitted to the advertising customer together with the invoice and infected its systems as well. Data recovery and system maintenance costs were incurred.