Cyber insurance
Cyber insurance is a type of insurance protecting against financial losses from cyber incidents: attacks, data leaks, ransomware and system failures.
Contents
What is cyber insurance
Cyber insurance is a specialized type of insurance protecting organizations and individuals from financial losses related to cyber incidents: hacker attacks, data leaks, ransomware, system failures and personnel errors. In Russia, cyber insurance is actively developing due to 187-FZ requirements for CII protection.
What cyber insurance covers
- Data leaks — compensation for damage from the disclosure of personal data.
- Ransom payments — payments to attackers.
- Legal expenses.
- System recovery.
- Business interruption.
- PR services.
How cyber insurance works
- Risk assessment (underwriting) — the insurer audits your IT infrastructure.
- Conclusion of the contract.
- Occurrence of an insured event — notify the insurer within 24-48 hours.
- Response — the insurer connects its experts.
- Payment of compensation.
Insurer requirements
Certified antivirus software, backup systems, SIEM systems, security policies and staff training.
Advantages and risks
Financial protection, access to experts, risk reduction. Risks: refusal to pay, incomplete coverage, rising cost.
Frequently asked questions
Who needs cyber insurance and is it mandatory?
Recommended for all organizations working with digital data, especially processing personal data or related to CII. Legally not mandatory, but often required for government contracts.
What risks does cyber insurance cover in Russia?
Personal data leaks, ransom payments, legal expenses, IT system recovery, loss of profit and PR services.
What requirements do insurers impose?
Antivirus software, backup systems, security policies, SIEM systems, incident response plans and staff training.
How much does cyber insurance cost in Russia?
From 50,000 to 200,000 rubles per year for small business, 200,000 to 1 million for medium, from 1 million for large enterprises.
How do I get cyber insurance?
Choose a company, undergo a cybersecurity audit, provide documents, sign a contract. In an insured event notify the insurer within 24-48 hours.
Can an insurer refuse to pay under a cyber policy?
Yes, if minimum security requirements were not met, the insurer was not notified on time, or the incident occurred due to insiders.
Does cyber insurance protect against ransomware?
Yes, most policies cover ransom payments and system recovery. Insurers require quality backup to minimize the need for payment.
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