Cyber insurance is a new generation insurance that protects companies against digital risks.
Scope
- Data breach intervention expenses
- Ransomware payments
- System repair
- Business interruption (loss of profit)
- KVKK administrative fines (partial)
- Third party compensation (clients)
- Legal consultancy
- Image damage management
For Which Companies?
- E-commerce
- Banking and finance
- Healthcare
- Telecommunications
- Cloud service providers
- Companies with intense personnel data
Insurance Conditions
- Pre-technical audit
- Specific security measures (firewall, backup, training)
- Pre-incident cyber security standards
Damage Process
- Report the breach immediately (24-72 hours)
- The insurer's cyber emergency response team is activated
- Forensic analysis
- Contact/PR management
- Loss compensation
Insurance Decision (new field)
The Insurance Arbitration Commission adopts a "in favor of the insured" approach in the interpretation of cyber insurance policies and requests that technical reasons be evaluated as reasonable.
Practical Recommendations
- Choose insurance appropriate to the company size
- Recent violations set a precedent when determining the limit.
- Take employee training and security measures
Insurance and KVKK law lawyer recommended.