Cyber Insurance
Protect Your Business from Digital Threats!
In today’s digital world, cyber insurance is not a luxury but an absolute necessity. Cyberattacks are becoming increasingly sophisticated and harmful, putting every company – large or small – at risk of falling victim to a cyberattack.
With cyber insurance, you not only protect the financial stability of your business but also your reputation and operational continuity. Cyber insurance provides the essential protection and security you need to keep your business resilient, strong, and future-proof.
What is Cyber Insurance?
Cyber insurance provides financial protection and support for recovery after a cyber incident. It covers financial losses due to cyber incidents such as data breaches, ransomware attacks, phishing, malware, and other forms of cyber extortion. This includes costs related to data loss, business interruptions, and liability.
With this insurance, you can count on 24/7 support, crisis management, and prevention tips to increase your digital resilience. It is an investment in the continuity of your business, allowing you to continue growing with confidence, regardless of the challenges you face.
What Does Cyber Insurance Cover?
- Direct costs of a cyber incident
The financial losses you incur due to a cyber incident, such as costs for data recovery and restoring IT systems. - Business interruption and revenue loss
When your business cannot operate temporarily due to a cyberattack. - Liability for damage to third parties
Legal liabilities arising from a cyber incident, including claims from customers or partners affected by the incident, such as when customer data is stolen.
- Legal assistance costs
Costs if you are held legally responsible for the damage.
- Crisis management and reputation
Restoration costs including PR support to limit reputational damage.
- Proactive services
Preventive measures offered during the policy term to help prevent cyberattacks.
- Incident response services
Technical and expert-led response services that help manage and mitigate the consequences of a cyber incident.
What Does Cyber Insurance Not Cover?
- Intentional acts
Damage you intentionally caused yourself.
- Known damage before policy inception
Incidents that were already known before the insurance took effect. - Certain forms of indirect consequential damage
Damage that indirectly arises from a cyber incident, such as missed business opportunities. - Criminal actions by the insured
Fraud or criminal activities carried out by the policyholder. - Bodily injury or physical damage
Traditional physical damage or injury resulting from cyber incidents is usually excluded unless specifically covered under a broader policy. - Infringement / theft
Patent infringement and theft of trade secrets. - Liability
Liability if matters are not properly documented in a contract. - IT systems
Improvements of IT systems.
Why Choose Cyber Insurance?
In a world where cyber threats are becoming more sophisticated and harmful, no company is immune to the risks of a cyberattack. Cybercrime affects businesses of all sizes, and the consequences can be devastating.
A cyber insurance policy offers essential protection and peace of mind for business owners.
Protect your business today. Don’t wait until it’s too late.
Examples of Cyber Claims
Example: Ransomware attack on solar park management
Situation:
A solar park manager is hit by ransomware, disabling the string inverters and halting energy production.
Solution:
The cyber incident team restores the systems via backups without paying the hackers. The insurance covers the restoration costs and the loss of income.
Example: Data breach at a solar panel installation company
Situation:
A solar panel installation company is hacked via phishing, resulting in customer data being stolen and offered for sale on the dark web.
Solution:
The cyber insurance covers the costs of crisis management, customer communication, and legal assistance to mitigate the damage.
Example: Sabotage of solar monitoring software
Situation:
Malware in a firmware update for the monitoring software leads to incorrect display of energy production and customer claims.
Solution:
The insurance covers the costs of restoring the software and handling customer claims, including reputation restoration.
Who needs Cyber Insurance?
Cyber insurance is crucial for any company that:
- Depends on computer systems
Any company that uses computer systems for its operations - Processes sensitive data
Companies that store or process sensitive customer or partner data. - Is part of a larger supply chain
Companies that can be used as a gateway to larger organizations are particularly vulnerable.
Whether you are a small business or a large enterprise, cyber insurance is essential to ensure the continuity of your business.
The 5 key reasons why taking out cyber insurance is crucial!
Financial protection
Cyber insurance provides essential coverage for the financial impact of cyber incidents, including legal costs, regulatory fines, recovery expenses, and lost revenue. Without this protection, the financial losses can be significant, with potentially long-lasting damage to your business.
Access to indispensable expert support
With cyber insurance, you gain direct access to a network of cybersecurity experts. These professionals help not only prevent incidents but are also ready to respond quickly and effectively when an attack occurs. Their expertise can make the difference between a limited disruption and a complete business shutdown.
Ensuring business continuity
Cyber insurance helps mitigate the operational disruptions that a cyberattack can cause. This means your business can get back to full capacity more quickly, minimizing the impact on your day-to-day operations and ensuring continuity.
Protection against common cyber threats and crime
Smaller businesses are often targeted by cybercriminals because they typically have less robust security measures. Cyber insurance provides a crucial layer of protection against these widespread threats, so your business is not exposed to unnecessary risk.
Rapid recovery after a cyberattack
After a cyberattack, it is essential to get back to business quickly. Cyber insurance ensures that you have the resources and support to recover quickly and minimize the impact on your operations, allowing you to move forward confidently, even after a serious disruption.
How Much Does Cyber Insurance Cost?
The premium of cyber insurance depends on:
- Company size and risk exposure
- Security measures in place
- Limits and deductibles
- The increasing severity of cyber incidents and claims
In general, the higher the risk, the higher the premium. For an exact price quote, it is advisable to request a quote from an insurer through us.
What to Do After a Hack?
If you have been hacked, follow these steps:
Contact us immediately
Report the hack as soon as possible to your insurer’s cyber helpdesk. They will guide you through the process.
Document the damage
Gather as much evidence of the hack as possible, such as screenshots, emails, and error messages. This can be useful when filing a claim.
Follow your insurer’s instructions
Your insurer will work with you to determine which professionals are needed to restore the incident and manage the crisis, such as involving their IT experts or a specialized service provider.
Change all your passwords
This is a first step in preventing further damage. Make sure to use strong, unique passwords for all your accounts.
Take your systems offline if necessary
If the hack is still active, it may be wise to temporarily disconnect your computer or network from the internet to prevent further damage.
Check your financial accounts
Check for unauthorized transactions or changes and report them immediately to the relevant institutions.
Keep your insurance information and claim number handy
Note all communication and details of your claim for future reference.
What our customers say about us
“After an incident with our solar panels, we were immediately assisted by Solarif. The claim was handled quickly and without hassle, saving us a lot of stress. Their transparency and professionalism instantly gave us the confidence that we had made the right choice.”
“The expertise of Solarif in solar energy is unparalleled. They not only provided us with the right insurance but also shared valuable insights that helped us optimize our solar installation. Their knowledge and passion are truly distinctive.”
“What truly makes Solarif unique is the warm, family-like atmosphere within their team. You notice this as a customer right away. The collaboration was smooth, and the atmosphere was always relaxed and collegial. As a result, I felt not only supported but also truly appreciated.”
Stay Updated with Solarif!
Would you like to stay informed about the latest developments in solar panels, inspections, and renewable energy insurance?
Receive updates, latest news, and tips!
Frequently Asked Questions
- Use reliable antivirus software and a good firewall
Ensure your computer is well protected against viruses, malware, and unwanted access. - Keep your software up to date
Regularly install updates to patch security vulnerabilities. - Enable two-step verification for all your online accounts
This adds an extra layer of security by requiring you to enter a unique code sent to your phone in addition to your password. - Use passphrases instead of passwords
Long passphrases are harder to crack. Store them securely in a password manager. - Do not open attachments from unreliable email addresses
This prevents you from installing malware on your computer. - Be careful with downloading free software
Avoid software from unreliable sources to prevent installing harmful programs. - Don’t click on links just anywhere
Always check the reliability of a link before clicking on it. - Be careful with public Wi-Fi networks
Preferably use your mobile data connection to prevent malicious individuals from spying on you. Avoid logging into sensitive accounts via public Wi-Fi. - Disable universal Plug and Play (UPnP) on your router
This prevents devices on your network from inadvertently exposing their data to the internet. - Use random passwords for infrequently used accounts
Choose the ‘forgot password’ option when you want to log in again, so you don’t use the same password everywhere. - Protect your personal information online
Be careful with what information you share and make your social media accounts private to protect your privacy. Share as little as possible publicly.
By following these measures, you reduce the chances of being hacked and better protect your personal data.
Phishing is a form of cybercrime where malicious individuals try to obtain sensitive information, such as passwords, credit card numbers, or personal details, by pretending to be a trustworthy entity. This often happens through emails, messages, or websites that look legitimate but are designed to deceive people.
The goal of phishing is usually financial gain but can also be used for identity theft or other types of fraud. It is important to remain vigilant and never share personal information through unreliable channels.
A hack is when someone gains access to your computer, website accounts, email, or social media without your permission. This can result in personal data being stolen and misused for identity theft or fraud. Cybercriminals often target platforms such as Facebook, Instagram, LinkedIn, online banking, DigiD, or your email account, as these contain valuable information.
Yes, cyber insurance is strongly recommended for any business that relies on digital systems or processes customer data. Cyberattacks such as data breaches and ransomware can cause severe financial and operational damage. Cyber insurance helps you manage these risks and recover after an incident. Moreover, clients are increasingly requiring companies to have cyber insurance.
Cyber insurance is not legally required, but given the increasing risks of cybercrime, it is strongly recommended for virtually every type of business. Additionally, clients are increasingly demanding that suppliers have both good cybersecurity and cyber insurance.
