Today, any company that uses email, sells online or has staff working remotely is exposed to a cyber attack. It is not a question of size or sector: a pharmacy, a garage and a listed company are all targets. What differs is each one's ability to survive the incident financially — and that is exactly where cyber insurance comes in.
Cyber risk insurance (a cyber policy) protects a business against the financial consequences of a computer attack, a data breach or a human error that compromises its systems. In partnership with Hiscox, Adler & Rochefort distributes Hiscox CyberClear 360º — one of the most complete solutions on the market for protecting companies in the digital environment.
Who it is for
Contrary to what many managers assume, cyber insurance is not a product reserved for large technology firms. It is designed for companies of any sector and size, especially if they:
- Use email in their day-to-day business (the main entry point for attacks)
- Sell online or run an e-commerce store
- Hold data belonging to clients, suppliers or employees
- Work with mobile devices or under remote-working arrangements
- Rely on their own or cloud-based IT systems to operate
What Hiscox CyberClear 360º covers
This is a new-generation cyber policy, written in a clear and comprehensive way. Its main covers include:
- Employee mistakes — errors by staff or suppliers that lead to data breaches or security failures
- Cyber-criminal attacks — any digital attack against the business
- System interruption — own or cloud-based, covering loss of profits, fixed operating costs (including salaries) and expenses to mitigate losses
- Unintentional GDPR breaches — liability and defence costs in regulatory investigations
- Fraud and financial crime — fraudulent transfers, including impersonation of a client, supplier or the company's own management
- Cyber extortion — management and handling of the situation
- Third-party claims — for system failures that affect clients or partners
More than a payout: 24/7 incident response
Most companies do not have an in-house team able to respond to a cyber attack at 3 a.m. The real value of a good cyber policy lies in the incident response, not just in the cheque it pays at the end.
CyberClear 360º gives access to a network of leading cybersecurity specialists, available 24 hours a day, 7 days a week:
- Technical containment and restoration of systems
- Specialist legal advice throughout the crisis
- Communications and public-relations support to protect your reputation
What a cyber attack really costs
When a company is attacked, the ransom — where there is one — is rarely the main cost. The financial impact adds up across several fronts:
- Technical recovery and digital forensics of the systems
- Business interruption, sometimes lasting weeks
- Mandatory notification to the CNPD and potential GDPR fines
- Reputational damage and loss of customers
- Civil liability towards affected third parties
Mind the exclusions
As with any insurance, there are limits. In the case of cyber extortion, for example, the policy manages and supports the situation, but reimbursement of the ransom payment is not covered. Other exclusions common across the market include unsupported legacy infrastructure and known vulnerabilities that have not been patched.
This is where the choice of broker makes all the difference. Adler & Rochefort assesses your company's real exposure and structures a policy that covers what your business actually faces in the real world — with no surprises at claim time.