The origin of the professional cyber insurance The focus is on large multinationals, but recently, due to the growing importance of the internet, these policies have been reoriented towards small and medium-sized enterprises (SMEs). SMES).
Emerging cyber risks for SMEs
Internet and cloud services present new risks and threats.
You could say, we know, that there is no uncertainty about whether we are going to be attacked digitally in our company. The question is when it will happen and, at that point, whether we will be prepared to counter the intrusion.
Precisely for this reason, the aim of these insurances is not just to protecting ourselves from attack or be liable for any compensation for which we are responsible, but to make an prevention work, This usefulness of cyber insurance, which is not so highly valued in large companies (due to the usual strength and protection of their own IT systems), is very useful and valued in smaller organisations, where it is not so well developed. This usefulness of cyberinsurance, which is not so highly valued in large companies (due to the usual strength and protection of their own IT systems), is very useful and highly valued in smaller organisations, where systems security is not so well implemented.
Legislation and Data Protection
The legislation, in a progressive manner and, as usual, originating in the USA, aims to protect the individual. In this sense, at the beginning of the 21st century, in the State of California, a law was passed that obliged companies that managed compromised data to report any type of security breach in their systems that could lead to data leakage. This helps to enable rapid detection of the source of the attack or systems failure.
And it is the Data Protection, The protection of our identity, our bank accounts, passwords, medical records and other types of information is one of the most important aspects of IT systems protection. compromised information, are accessible via the Internet.
Importing cyber insurance
As has always been the case in the insurance world, from Spain we implement systems that have already achieved good results in the United States and the United Kingdom. The progress of the cyber insurance It has been slower than expected; but it is already known that in the near future, it will acquire a relevance that is here to stay.
In the Part II of this theme, we will go into detail to assess the SME cyber-risk insurance guarantees, that can be offered in these products. If you have any questions or need information about company insurances, contact us.
