At HWI, we offer cyber insurance to help you have the best protection. Our insurance covers claims in which you are legally responsible for a cyber attack, the costs of notifying those affected by the loss or theft of information, crisis management costs, and legal defence expenses.
Cybercriminals can resort to threats and extortion to obtain financial sums, and our insurer is liable for electronic vandalism and bounties paid to prevent damage.
Recognising the universal vulnerability of companies
It’s crucial to understand that every company is vulnerable to cyber-attacks and can fall victim to malware, including those instigated by their employees. For instance, an unhappy employee can steal data, while email phishing can catch even an unaware employee off-guard. Moreover, with the rise of remote work, employees use their devices to connect to work networks, which increases the risk of cyber attacks. Connecting to unsecured networks can result in phishing attacks, leading to compromised passwords, deletion of valuable data, and other harmful consequences.
Unlike larger corporations, small businesses often mistakenly assume they are not vulnerable to cyber-attacks. On the other hand, large businesses often feel safe due to their extensive IT teams and advanced systems, which can prevent any potential attacks. However, this misconception can lead to disastrous consequences, as small businesses are just as vulnerable to cyber threats as large corporations.
With the advancement of AI, the number of malicious acts is increasing. For instance, AI can be utilised to mimic the voice of top executives and fraudulently authorize transactions.
Cyber attacks can have significant financial consequences, including the costs of notifying victims, hiring IT experts to stop or mitigate the damage, loss of business reputation, recovery costs, investigation expenses, and third-party claims. Insurance coverage is essential in such situations; the first 48 hours are critical. It is crucial to have a team of forensic experts in Technological Intelligence, specialised lawyers and communication offices to ensure a good performance.