In an evolving world where more than 3 million people have internet access, getting Cyber Insurance against cyber attacks is becoming a more important consideration.
The world is changing very quickly, resulting in new ways of working and the diversification of risks. Furthermore, we are all witnessing a real amplification of cyber-attacks over the last few years.
AN IMMINENT RISK
As we write this article, a virus called “Golden Eye/Petrwrap” is spreading as quickly as a virtual tsunami.
“It is the same type of virus as the previous Ransomware virus, spreading at lightning speed and at an international scale.” points out Fabrice Berche, IT Director at APRIL Canada.
Just like the “WannaCry” virus from May, 2017, Golden Eye/Petrwrap has also hit major companies and government departments.
“We need to be extra-careful. This is about the safety and the future of companies! System surveillance, law firms, pharmaceutical companies, banks, airports, subway… None are spared.” says Patrick St-Laurent, IT, APRIL Canada.
Only after a couple of hours, Petrwrap Ransomware had hit almost all the corners of the world. For example, in Russia, this virus forced ROSNEFT – the Oil Giant – to use a backup server, and Chernobyl’s nuclear plant to go back to manual for all their operations.
It also caused a computer breakdowns at MAERK, a maritime carrier company and a shutdown of activities at Nivea, where employees were sent home early. In the United States, the pharmaceutical laboratory at MERCK was the first known victim and the attack caused problems with its computerized system.
Therefore, cyber-attacks are getting more and more threatening and carrying heavy consequences for companies.
CYBER-ATTACKS – HEAVY LOSSES FOR COMPANIES
After a Cyber-attack, handling and repair costs can get out of hand as external technical expertise is required to identify the attack’s features especially if the firm`s system safety is severely affected. Furthermore, some consumers’ banking and personal data could be stolen and owned by hackers and fraudsters. This pushes up notification fees for clients, legal fees, compensations and monetary penalties.
In this world of increasing risk, insurance brokers seize the opportunity to expand their product lines toward Cyber-insurance to meet companies’ needs. This solution guarantees them with some compensation and support if an attack arises.
CYBER-RISKS – CYBER-INSURANCE ROLE OF APRIL
Unfortunately, it is not possible to make your risk zero, when it comes to cyber-security, but we can all do our best. APRIL works actively in partnership with brokers to offer a cyber-insurance product that is able to cover all market’s needs. Moreover, APRIL can help you protect your clients from cyber-attacks and resulting costs, whether they own a small company or manage an international data aggregator:
- Direct losses
- Expertise fees
- Legal fees
- Clients’ notification fees
- Cost of maintaining brand image
- Extorsion fees
Furthermore, in addition to the financial advantage, Cyber-Insurance enables you to contact an expert quickly to limit potential damage if there is a crisis.
For more information about APRIL’s Cyber insurance, please click here.