Cyber insurance: everything you need to know

Cyber insurance also known as cyber risk insurance is a must for every modern day business. The use of internet unfortunately comes with certain treats. Data breaches and cyber-crimes are becoming way too common. Not only the large organizations are susceptible to being victimized by cyber-crime. Phishing, hacks, ransomware and other forms of cybercrime are threats for every business, no matter it’s size. It's not a question of if your organization will suffer a breach, but when.

Cyber insurance quote

What is cyber insurance?

Take precaution and choose a good cyber insurance. The cyber insurance is designed to respond quickly to maleware attacks, electronic data breaches and hacking attempts by funding investigation and reimbursing losses. Whether your network is compromised or criminals are using ransomware against you, recovery takes time and money. This insurance will help you to recover and bounce-back quickly. Not only will the cyber insurance support you financially, it also helps you with prevention. So you can reduce the risks of a cyber-incident.

What do we do for you when you request a quote?

• A risk manager will contact you within 1 working day to get acquainted.
• We’ll answer your questions, such as: how much does cyber insurance cost?
• Based on your input and wishes, we will get to work for you.
• We give you a short and clear overview of possible risks and our recommendations.
• You are guaranteed to receive the best possible proposal from our expert advisers.

You are always assured of the best, objective advice. We’ll not only search for the best price but also look at the best terms.

What costs does cyber risk insurance cover?

Cyber insurance roughly covers three types of costs. We distinguish:

• Liability
• Damage
• Crisis management

Professional support in the event of a cyber-attack

The internet has no opening hours. Several experts are therefore available 24/7 to resolve your incident as quickly as possible. Whether it is a forensic specialist, a PR advisor, lawyer or IT specialist: they are ready to solve problems and limit damage.

What does cyber insurance cost?

What cyber insurance costs depends on a few things. The premium is based on your turnover, your activities and the cover you choose. The premium of the cyber insurance is often estimated too high. The costs of cyber insurance are in any case nothing compared to the costs after a cyber-incident. We will help you choose the right insurance and cover. As an independent advisor, VMD Koster is not tied to one insurer, but we compare all providers that meet our high quality requirements. This way you can be sure that you take out appropriate cyber insurance and that you will not pay too much.

Cyber insurance for business and private users

We are often asked about the difference between cyber insurance for business and private users. The cyber insurance policies we offer are fully developed for the business market. Entrepreneurs in particular are increasingly becoming victims of cybercrime and the damage is often enormous. This is not only about covering costs, but also monitoring business continuity and reducing process downtime. We understand how important business processes are. Therefore, do a Quickscan with us and gain insight into the coverage of cyber insurance, but also where you can reduce the risk.

Outsourcing and cyber insurance

Even with outsourcing, you remain responsible for the integrity and security of the collected data, regardless of whether this has been outsourced. Cyber risks via outsourcing are therefore also insurable. It is a misconception that an external IT company absorbs all the blows for you and also handles the damage. Liability is limited in the contract with your IT provider.

The best cyber insurance that suits your business

You can easily take out cyber insurance with VMD Koster. We stand for independent advice for the best premium. Based on our risk analysis and market survey, you will receive a proposal for the best cyber insurance that suits your business. Do you want to take out the insurance? We will arrange the application for you. Call immediately on 0172 611 116 or request a no-obligation cyber insurance quote today.

Request Cyber insurance quote