Digital Shield for Businesses
Protect your business against cyber threats. The cyber insurance from nextsure offers tailored protection against hacking attempts, data loss, and business interruptions. Find out more now!
Protection against hacking attacks & data loss
Protection against business interruption
24/7 Crisis Management & Expert Assistance
The Invisible Threat: Cyber Risks for Modern Businesses
Recognise the growing cyber threats for SMEs.
Understand the motives and methods of cybercriminals.
Protect your reputation and financial stability.
Effectively minimise the risk of operational disruptions.
What does a comprehensive cyber insurance policy for businesses cover?
A cyber insurance policy for businesses is an essential component of your corporate risk strategy. It covers a broad range of damages that can arise from cyber-attacks. These include direct damages, such as the costs for restoring your IT systems and recovering lost data following a hacker attack, malware infection, or ransomware incident. Often, it also includes the expenses for IT forensics to analyze the security incident and identify vulnerabilities. Another crucial aspect is covering third-party damages, for instance, when a security breach in your systems leads to customer data being compromised, resulting in liability claims. The insurance often covers legal and court costs, as well as potential compensation payments. Moreover, a good cyber policy also protects against financial losses from business interruption resulting from a cyber incident. Many policies additionally offer preventive consultancy services and professional crisis management in an emergency, including PR advice and assistance with fulfilling statutory reporting obligations, for example, under the GDPR. Check the specific coverage details of your policy to ensure that the protection is optimally tailored to the specific risks of your business.
Our Services
Your shield in the digital space
Compensation for damages
Coverage of own damages and third-party damages.
Data Recovery
Costs for professional data recovery.
Operational failure
Compensation for financial losses during downtime.
Crisis Support
24/7 expert support in case of emergency.
Legal protection
Coverage for lawyers and legal proceedings.
Prevention
Support in preventive security measures.
IT Forensics
Analysis of security incidents by experts.
Liability Insurance
Protection against third-party claims (e.g. data protection).
Reporting obligation
Assistance with legal information obligations.
Comprehensive protection for your business with the cyber insurance from nextsure.
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Prevention is the best protection: Fundamental IT security measures in the company
While cyber insurance for businesses is indispensable in the event of a claim, a solid prevention strategy forms the first and most important line of defense against digital threats. Investing in IT security not only minimizes the risk of a successful attack but can also positively influence the premiums of your cyber policy. Fundamental measures include implementing a robust password policy with regular changes and using two-factor authentication wherever possible. Consistently applying security updates for operating systems and application software closes known vulnerabilities. Regular, ideally automated and externally stored backups of your critical business data are essential to enable quick recovery in the event of data loss, for example, due to ransomware. Regularly train your employees to recognize phishing emails and other social engineering tactics, as humans are often the weakest link in the security chain. The use of professional firewalls, up-to-date antivirus programs, and intrusion detection systems also belongs to the standard. For companies processing sensitive customer data, encrypting data—both at rest and in transit—is a must. A well-thought-out cybersecurity strategy, supplemented by appropriate cyber insurance, offers the most comprehensive protection for your business.
The emergency: How to act structured and correctly during a cyber attack
Despite all preventive measures, a cyber attack can hit any company. In such an event, swift and structured action is crucial to limit damage and restore operational capability as quickly as possible. A well-prepared emergency plan is invaluable here. The initial steps include immediately isolating affected systems from the network to prevent further spread of malware or unauthorized data leakage. Secure all relevant log files promptly and create images of the compromised systems for later forensic analysis—this is vital for clarifying the incident and for insurance claims. Notify your cyber insurer without delay; they often provide an expert team for crisis management and IT forensics. Report the incident to the appropriate authorities if necessary, especially if personal data is affected (GDPR reporting obligation). Clearly communicate the situation and next steps internally. External communication, especially towards customers or the public, should be handled carefully and in coordination with your legal experts and PR department. Document all actions and incurred costs meticulously. Your business cyber insurance supports you not only financially but also with expertise and resources to manage the incident professionally and to learn lessons from it for the future.
Overview of Cost Factors: What Does Cyber Insurance for Businesses Cost?
The cost of cyber insurance for businesses depends on a multitude of individual factors and cannot be quantified generally. Insurers calculate the premium based on your company’s specific risk profile. A significant factor is your industry: companies that process large volumes of sensitive customer data (e.g., e-commerce, healthcare, financial services) tend to have higher premiums than those with lesser volumes. Additionally, annual turnover and the number of employees play a role, as they are indicators of potential claim size and the complexity of the IT infrastructure. A crucial aspect is the level of your already implemented IT security measures. Businesses that proactively invest in prevention (firewalls, training, backups, etc.) can often expect more favourable conditions. The chosen coverage amount, i.e., the maximum sum the insurance covers in the event of a claim, significantly influences the premium, as does the level of the agreed excess. Other factors might include the desired additional services, such as special assistance services or coverage of GDPR fines. To obtain an accurate quote, a detailed risk analysis and a transparent disclosure of your company’s situation are essential. nextsure helps you find the appropriate and cost-efficient cyber protection for your business.
Selection Criteria: How to Find the Right Cyber-Insurance Policy for Your Company
Choosing the right cyber insurance for your business requires careful examination and a precise match with your individual needs and risks. Start with a comprehensive needs analysis: Which data and systems are critical to your business? What financial and operational impacts would a cyber attack have? Pay close attention to the coverage scope of the policy. Are own damages, third-party damages, loss of business interruption costs, and crisis management services adequately covered? Also, carefully review the exclusions in the contract – what scenarios are not insured? The level of insurance coverage should be realistically calculated to avoid underinsurance in case of an incident. Compare the services of different providers. Does the insurer offer a 24/7 hotline for claims? Do they provide qualified IT forensic and legal experts? How quick and straightforward is the claims process? Also, consider preventive offers such as security training or risk assessments. The reputation and experience of the insurer in the field of cyber risks are also important criteria. Obtain multiple quotes and compare not only the price, but especially the price-performance ratio. Thorough advice from experts like nextsure can help you find the cyber insurance that offers optimal protection for the specific challenges of your business.
Tailored
Tailored policies for your business.
Quick
Effortless online processing.
Competent
Expert advice and support.
GDPR and Cyber Insurance: Ensure Data Protection Compliance and Avoid Fines
The General Data Protection Regulation (GDPR) places high demands on companies regarding the protection of personal data. Violations can be penalised with substantial fines. A cyber insurance for businesses plays a crucial role here, as many cyber-attacks target the theft or compromise of precisely this data. A good cyber policy can cover costs associated with GDPR violations. This includes, for example, the costs of notifying affected individuals and the data protection authorities, engaging legal experts to fend off claims or defend against fines, and possibly even covering imposed fines, if insurable (the insurability of GDPR fines is legally complex and must be examined on a case-by-case basis). It is important that the insurance also supports you in fulfilling your duties after a data protection incident, for instance through crisis communication or forensic investigations to clarify the incident. However, cyber insurance does not replace the need for a company to proactively implement data protection-compliant processes and take technical and organisational measures (TOMs) to protect personal data. Rather, it is an important supplement to cushion the financial consequences of a data protection incident that has occurred despite all due diligence and to safeguard the operational capability of your company.
Industry-Specific Risks: Tailored Cyber Protection for Your Unique Niche
Every industry has its own specific cyber risks that need to be considered when selecting a cyber insurance policy for businesses. Standardised protection is often insufficient. In the manufacturing sector, for example, attacks on industrial control systems (ICS/SCADA systems) can lead to production downtime and significant financial damage. For online retailers, the protection of payment data and the availability of the webshop are critical; attacks on point-of-sale (PoS) systems in physical retail can also have serious consequences. Service companies, especially those that process sensitive customer or client data (e.g., law firms, tax consultants, agencies), face a high risk of data theft and extortion. In the healthcare sector, the protection of patient data is of utmost importance, and the consequences of a compromise can be particularly far-reaching. Craft businesses are increasingly dependent on digital order management and communication, making them targets for phishing or ransomware. A good cyber insurance policy for businesses takes these industry-specific threats into account and offers relevant coverage components. Nextsure works with you to analyse the individual risks of your industry and your company, to configure tailored and effective insurance coverage that is precisely suited to your niche.
Case Studies from Practice: Successful Claims Management Thanks to Cyber Insurance
Anonymised case studies illustrate clearly how cyber insurance can provide concrete support to commercial enterprises in an emergency. Case 1: A medium-sized online retailer fell victim to a ransomware attack. All customer data and the merchandise management system were encrypted. Thanks to their cyber insurance, the costs for IT forensic experts who analysed and partially restored the system were covered. Additionally, the policy covered the business interruption loss during the outage and the costs for crisis communication with customers. Case 2: In a service company, access data was obtained through a phishing attack, leading to unauthorised access to sensitive customer data. The cyber insurance covered the costs for legal advice, notification to the data protection authority in accordance with GDPR, and notification of affected customers. Potential third-party compensation claims were also covered. Case 3: A manufacturing company suffered an attack on its control software, leading to several hours of production downtime. The cyber insurance not only helped in the rapid restoration of systems by IT specialists but also compensated for the resulting loss of income. These examples show that cyber insurance is far more than just cost reimbursement; it provides access to a network of experts and actively supports crisis management.
For which company sizes is a commercial cyber insurance policy sensible?
The landscape of cyber threats is rapidly evolving, and businesses must continuously adapt their security strategies. A significant trend is the increasing use of Artificial Intelligence (AI) – used by attackers to automate and refine their attacks, and by defenders for quicker threat detection and response. The Internet of Things (IoT) presents new risks, as an increasing number of connected devices provide potential entry points for cybercriminals. The security of cloud services remains a central issue, as businesses increasingly rely on cloud infrastructures. Concurrently, regulatory requirements, particularly in the field of data protection, are expected to continue increasing. This means that for businesses, cyber security must not be a one-off project, but an ongoing process. Regular risk analyses, employee training, and the adaptation of technical security measures are essential. Cyber insurance for businesses is also evolving to address new threat scenarios and offer more comprehensive protection. In the future, preventive services and individualized risk assessments might become a more significant part of insurance packages. nextsure closely monitors these developments to provide you with up-to-date and future-proof cyber protection for your business.
