In connection with the progressive process of digitalization and IT technology development, modern enterprises are exposed to risks associated with the ownership, operation, use of electronic devices, modern technologies and systems – it is associated with the existence of the so-called “cyber risks”.
A business interruption caused by a computer system failure, costs of restoration of data lost as a result of a cyber attack, theft of confidential commercial information or disclosure of confidential data as a result of human error may expose the company to large financial losses.
This is a risk related to both the security of stored information and the risk of disruption of information systems.
Covering cyber risks protects against the negative consequences of implementing these risks, which, in addition to the financial consequences, can lead to a loss of confidence in the entrepreneur and even to a loss of reputation and market position of the company. Cyber insurance can also cover penalties under the General Data Protection Regulation (GDPR).