The threat posed by cyber security risks to organizations is growing at an increasing rate. The financial losses or lost reputation of institutions of different sizes from all geographies of the world as a result of cyber attacks gradually increase and create anxiety in the business world. As digital technology has become an indispensable part of corporate and social life, cyber risks will continue to spread in parallel with the speed of these technologies. Every person and organization that processes and maintains electronic data, regardless of mobile device, computer, server or online, is faced with this risk. The fact that Turkey is in the 8th rank among the countries suffering cyber attacks reminds us that we should care more about cyber risks increasing with each passing day.
What is Cyber Risk Insurance?
Cyber risk insurance covers the damages arising from many risks such as the damages that may arise due to the breach of personal or corporate data, the loss of net profit that may arise from the disruptions caused by the attacks on network security or the network interruption, the costs that must be done to prevent the loss of reputation of such situations.
Cyber Risk Insurance Coverage
Loss of Data
Network Security Breach
Unauthorized Use of Computer System
Denial of Service Attack
Loss of Profit
Abuse, Plagiarism and Violation
Insult or damage to the reputation or personality of any person or institution, insult, slander, defamation, defamation of the work product, commercial defamation, moral damage, corrupt registration or unjust eviction, unauthorized entry to property, eavesdropping, unjust arrest , malicious prosecution, grossly flawed act or abusive behavior of the insured
Violation of Privacy and Abuse of Trust
Malicious Software, Service Blocking and Unauthorized Use
Virtual Blackmail Costs
Damage in Cyber Insurance
In order to be subject to damage, a cyber attack must first be experienced. The cases to be secured without cyber attack are cases that may be subject to data loss due to the fault of the employee with KVKK (the law on the protection of personal data) and administrative fines.