Almost every person or an organization connected to the Internet with you and partners faces cyber risk. The risk can be caused by hacker attacks or internal errors.
As part of global data, hackers have captured over 500 million personal data in 2018, cybercrime losses were $ 2 trillion in 2019, $ 50 billion of Internet-connected devices in 2020, $ 6 trillion will go into security investments in 2021.
The cyberattack is mostly happening to state institutions, retail, health, technology and financial businesses. Around 95% of cybersecurity cases are caused by human error. Besides, it is assumed that more than 77% of companies do not have cybersecurity emergency response plans.
The risk of a cyber attack can be caused by external attacks (this type of attack comes from outside the company and requires deliberate steps to steal money or information) or internal errors (employees can make mistakes and cause computer risks) or programming and system errors (system error reveals information about employees or company). It is important to understand the types of cyber attack and take the necessary measures promptly on time.
What can be the results of a cyberattack?
Cyber attacks can have many different consequences depending on the attacker's target. Some of these results are loss of confidential information, trade secrets or loss of intellectual property, loss of customer due to data or bad media breach, loss of reputation, breach of contract security, network security obligation (KVK Regulation) paragraph Penalties for negligence, extortion, financial loss, business disruption, product recall, low share value, financial damage to computer systems, etc.
Risk and insurance managers should apply a company-wide approach to computer risk management.
A cyber insurance policy, called cyber risk insurance or cyber liability insurance, is designed to help the organization reduce the risk of risk by compensating for recovery costs following a security breach related to cybersecurity or something similar. Cyber risk insurance cannot protect your organization from cybercrime, but in the event of a serious security breach, it ensures that your business continues to last (minimizes financial loss). Cyber risks have now become a universal threat. Even companies with strong risk management and a high level of IT security can never be protected against 100% cybercrime. Organizations should now routinely decide which risks to avoid, accept, control or transfer as part of their risk management plan. Companies need to ensure cyber liability insurance when managing cyber risks.
A judicial investigation is required to determine which parties are causing harm, how to repair them and how to prevent the same type of infringement in the future. The investigation may include coordination with law enforcement and neutral security firm services. Responsibility for cyber risks includes privacy, network and media security.
In the framework of the responsibility for personal data protection and network security, the claims of third parties for which the insured are responsible are claimed after loss or loss of third party data, the cost of information to be carried out after the leak incident and also is the cost of communicating with the public to prevent brand damage as a result of a breach of data security legislation. The insured is also subject to the investigation and defence process. Legal costs, legal fees, expert fees and other fees and expenses, violations of KVKK and similar legislation are also included as administrative fines imposed as a result.
Under the responsibility of the media, the insured 's requirements for moral damages related to humiliation or stains, insults, defamation, defamation, defamation, defamation, product abuse, commercial defamation, which may be due to good media activity (Corporate Linkedin, Twitter, website, etc.). Reputation or personality can be achieved.
Regarding data loss, the unauthorized acquisition, access, use or disclosure of personal data or confidential company information is replaced by risk insurance, while protecting your computer system from unauthorized access or use, not on your behalf. They also replace you for damaging your system or disseminating sensitive information after unauthorized access to your systems, a digital attack designed to disrupt access to your computer system or your operation, business disruption caused by a cyber attack by a vendor or service provider.
All risks covered by data loss will be reimbursed: the cost of an analysed analysis to control and verify data breaches; legal costs of data breach management; Costs of expenditure incurred to inform any regulatory authority and provide credit monitoring services; other commercial costs caused by a direct cyberattack; the cost of recovering or recovering data from backups or other sources; loss of income and other labour costs in connection with disruption of business or reputation; the cost of appointing a public relations consultant to protect his reputation and media management; and the cost of interviewing a consultant to manage your incident response. Besides, damages that may occur as a result of a breach of supplier data may be compensated.
In cases of cyber extortion intended to disrupt the access or operation of a computer system, consultancy fees and reasonable resolution costs are compensated. eg ransom costs and ransom professionals. The required ransom can be paid as “bitcoin”.
It is also possible to insure against a total interruption or slowdown of the Company's activity, including unauthorized access to the Company's computer system or unauthorized modification, destruction, deletion, transmission or copying, including the use of service attacks or service blocking (DoS attacks) or computer resource consumption.
The threat posed by cybersecurity risks to institutions is growing steadily. The financial losses of institutions of various sizes from around the world as a result of cyber attacks or their lost reputation have become necessary. As digital technology has become an indispensable part of the business and social life, cyber risks will continue to spread along with the speed of these technologies. Be insured against cyberattack like us, Yüce Yazılım.