Every year the amount of cyber attacks increases and the damage from their consequences grows. Up to the present moment, according to the annual Allianz Risk Barometer investigation, in the European region, which includes Russia, cyber risks have obtained the second position in the list of the most serious risks for enterprises.
Regulators, both Russian and European ones, are increasingly tightening the requirements for the personal data storage and processing.
Nowadays it is forecasted an increase in the amount of attacks on software vendors, Internet units and crypto currency circulation systems. The "boxed" solutions for hacking ATMs and attacks on UEFI firmware will gain popularity. More and more targeted attacks with the use of extortion programs are expected.
A considerable amount of money has been already given for cyber defense, but even this does not give one hundred percent guarantee. A cyber incident is not only a loss of customer confidence, but also, for example, losses from idle time, if production facilities have been attacked. In the case like this the damages may be up to tens of millions.
Cyber insurance policy, which is also called cyber risk insurance, is designed to help the organization to compensate the expenses, associated with restoring full-fledged work after a security breach. Cyber insurance usually covers the costs associated with the first parties, as well as third-party claims.
Compensation of financial damage to third parties who stored data in the insuring unit
Compensation to third parties of losses from any break in production activities
Reimbursement of expenses for organization of a contact center, for anti-crisis PR, for the victim notifications, as well as compensation for other expenses related to legal costs and cyber-exaction
Compensation of financial losses related to loss of data, withdrawal or theft of funds or securities from accounts
Reimbursement of financial losses related to downtime, business interruption, recovery of lost data
Reimbursement of expenses for experts who establish the causes of the incident
Insurance coverage and insurance premiums of cyber security are calculated based on the volume of the organization, types of provided services, data risks, security strategy, policies and annual gross income of the company.
However, the difficulty lies in the fact that the sphere of cyber insurance is in the process of its development, and the character of cyber risks often changes. In addition, organizations often do not give a full picture of the cyber incident in order to avoid negative advertising and not to spoil the customers' confidence. Thus, underwriters have obtained the limited data, which can be used for determination of the attack financial consequences.
Cyber insurance serves to minimize the financial consequences of an "accident" of an IT security system, similar to how car insurance helps in the case of an accident. But at the same time there is a great difference between IT insurance and car insurance.
Calculating an insurance premium for a car, experts rely on statistics that take into account its brand, production year, region, etc. In the case of cyber incidents, no statistic data is available. This sphere is rather difficult to standardize: every case and each security system differ from the other. Therefore, risk assessment is performed with the help of expert methods. The work begins from the system audit.
Our company provides expert services to companies and individuals, who have a need to insure cyber risks,
in assessing their customers' cyber risks.
Our experts will calculate the amount of payments for insurance policies, perform a set of investigations, which will
determine the amount of possible damage and consequences, as well as identify the possible violators.
Having a staff, consisting of highly qualified specialists, we offer a full range of the following services:
Our experts will comprehensively assess the risks of IT infrastructures of any volume and purpose:
• Assessment of cyber threats
• Monitoring of the system information security
• Assessment of vulnerability
• Penetration tests in order to verify the protection system
in the main areas:
• General profile
• Computer infrastructure and equipment
• Cyber attacks, system crashes and data leaks
Our experts will create a profile of cyber risks as well as a list of costs that must be covered in the event of an incident
In the event of the judicial proceeding starting, our experts provide the special service called Attribution.
That is the search and recognition of the violator.
The activity also includes the issuing of digital certificates and expert opinions that may be required when the client addresses the law enforcement authorities
We have a special team of the required profile experts for each project.
The search and interpretation of collected evidence are carried out by experienced specialists in the field of:
• Financial investigations
• Accounting and financial audit
• Economic security
• E-Discovery and Forensic
• Corporate and civil law
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