The Cyber Liability Insurance covers indemnities arising from claims of third parties who file suit against the company due to the disclosure of their personal data or some other information that they feel has affected them, in addition to covering the costs of:
- Legal Defense
- Image Restitution
- Emergency Expenses
- Extortion Payment
- Notification and Monitoring
- Unpaid Profits
- Media Content
Therefore, when suffering in a cyberattack, the company will be reimbursed of the expenses that will suffer with action of criminals.
Nowadays business deals are carried out through technology, where the universe is immeasurable, resulting in great vulnerability.
The misuse of technologies in general is a real global threat, and it is of the utmost importance that system security is the main concern of the information society. Almost every day there is news of cyber attack. There are about 50 million attempts each year and according to the World Economic Forum (WEF), Brazil is the second-largest in number of attacks, behind China and in 2017, cybercrimes caused losses of US $ 22 billion in Brazil alone. Also last year, approximately 62 million Brazilians were victims of cybercrime, representing 61% of the connected adult population of the Country. In this same WEF report, over the next five years, cybercrimes can cause up to $ 8 trillion in damage to businesses around the world.
Currently the estimative is that the overall cost of cyberattacks reaches $ 600 billion per year. This figure is close to the illegal drug trafficking industry. According to experts, the underworld of the global computer network, known as Dark Web, accounts for 6% of all information available on the world wide web, while search websites, including Google, account for 4%. The other 90% are stored in databases of governments, academic institutions, medical systems, etc. (source: Valor Econômico newspaper of 3/16/17).