Get informed about cyber insurance
In this digital age, cyber-attacks are an increasing risk for businesses of all sizes. Yet many organisations are reluctant to implement management measures around cyber risks. The heavy reliance on IT increases the vulnerability of businesses around cyber threats. Meijers believes in proper cyber protection and advises in various cyber insurance solutions.
With our expertise and knowledge on cyber insurance, your organisation will insure itself against the financial consequences of cyber incidents. Moreover, you will also receive support to strengthen your cyber security. Meijers offers customised cyber solutions. Specifically tailored to your company's unique risk profile.
Common misconceptions
I am not liable if my IT provider is hacked
Those who decide to collect and process (or have processed) information are always legally liable for its confidentiality, accessibility and correctness. If you choose to use external parties you are still liable.
We have our security organised
Even professional Cloud and IT providers recognize that they can be hacked. But when you depend on people, mistakes can always happen. Phishing links in emails, opening the wrong attachments, or sending information to the wrong email address can be an opportunity for cybercriminals to break into the corporate network. We are also seeing that third-party software can be vulnerable. Compare cyber insurance to fire insurance. Despite fire extinguishers, sprinklers and fire-resistant equipment, the risk of a fire always remains. That is why companies with excellent fire prevention have fire insurance as well.
We can do without ICT for a while
Most organisations are dependent of communication and information. Communication often takes place via the internet. Think of e-mail, IP telephony, and video calls. Every company stores information digitally. Without communication and information, almost all business processes are at a standstill. Just try to imagine what a week without email, document access and telephony looks like.
No matter the situation, insurers won't pay out anyway
Cyber incidents are legally difficult to define, thus insurance terms usually adopt a very broad definition such as "any unauthorised access”. For example, a data breach resulting from the loss of a laptop also falls under that definition. In practice, therefore, we rarely see discussion about the nature of an incident.
We are perfectly capable of responding to a cyber incident ourselves
In practice, a solid response often takes a team of outside experts, your IT provider(s) and your own organisation. For example, someone who negotiates with the hackers and performs digital forensics, or provides legal assistance. A cyber insurer can facilitate all of this. Including the costs. Besides this, we recommend to have a business continuity plan for security breaches ready. This states how business operations will continue during a cyber incident. The incident response plan helps mitigate damage on the incident. A recovery plan is there to get software and data back up and running after an incident.
Why choose cyber insurance through Meijers?
The world of cyber insurance is complex, with diverse offerings and a variety of needs. Each company has its own specific requirements for protection against cyber threats. As experts in cybersecurity, we are happy to advise you, to make it easier for you. We evaluate your risks so that you can get business cyber insurance that fits your company's challenges. Because comparing and underwriting takes time and requires expertise in insurance terms and conditions. As a result, you never pay too much, while still being adequately insured.
Meijers is there for you with A-Z guidance in choosing the most appropriate cyber insurance. We are not only a reliable insurance broker, but also aim to be an inspiring knowledge partner. We create an accurate risk profile and offer insurance solutions that perfectly fit your needs. Meijers makes your risks effectively manageable. This allows you to fully focus on the continuity and growth of your business, without worrying about the consequences of cybercrime.
More information?
Contact Tom Rijgersberg,
Practice Leader Cyber,
t.rijgersberg@meijers.nl
Cyber risks? Minimise them!
DIRECT CYBER RISK
- Company downtime
- Repair costs
- Fines and claims from third parties
AVOIDABLE RISK
- Not being able to respond promptly and/or competently to an incident
- Unnecessary escalation of an incident
INDIRECT CYBER RISK
-
Reputational damage
- Loss of clients
- Bankruptcy
ACCEPTABLE RESIDUAL RISK
- You bear this risk
Tom Rijgersberg, Practice Leader Cyber
In my 25 years of IT, nine were in cyber consultancy. I have asked myself whether you should insure cyber risks because prevention is always better than a cure. But if things do go wrong there is a standstill, and possible claims from third parties. The organization must then jump into action mode as soon as possible. Can you manage that damage yourself? Who do you need to call? What should you do? I believe in a complete solution: prevention, detection and response – supplemented with damage insurance and a team of First Response experts. If Meijers cannot offer the solution, then I would like to refer you to someone else. Transparency, commitment and expertise are essential in cooperation. We don't make it more attractive than it is.
Tom Rijgersberg, t.rijgersberg@meijers.nl +31 (0) 6 386 756 13
Faizal Soebratie, Cyber Specialist
I love helping people, connecting and providing security. Therefore, my relations can always count on me. I enjoy what I do and I like to radiate that. My motto is as follows: when I see someone doing something right, I compliment them. When I see something going wrong, I ask if I can help. I recently chose to specialize within Cyber, from support to consulting. I am very much looking forward to this new position. At Meijers, employees work with a drive from the heart. You notice that in everything, the end result counts.
Get to work!
Fortunately, the right partners and solutions are available for many aspects of cyber risks. The checklist below will help you gain better insight and limit your cyber risk.
The information
/Stay in control
Cyber risks are constantly evolving. Meijers knows the way in this turbulent world which is a reassuring thought for an entrepreneur. In addition to knowledge about insuring cyber risks, we have a great deal of expertise about preventing cyber incidents and good risk management.
We would like to know more about what information you need so that you remain in control.
The attack
/Know the enemy
A common pitfall is the desire for airtight protection. That is neither possible nor necessary. It’s smarter (and cheaper) to become and to stay informed of the so-called “attack landscape”. Attack is a broad concept: it can be an error resulting in an ICT shutdown, a sudden ICT failure, an untargeted attack by a bored teenager or a targeted attack by a professional criminal organization. Additionally, you must continue to comply with laws and regulations to prevent low client confidence, damage to your image, and fines.
We are happy to talk to you about mapping out the threats specific to you so that you can take the necessary cost-effective measures.
The defence
/Make it difficult for them
Running software updates, recognizing suspicious emails or password management; these actions really make a difference. You can do a lot yourself – not only what is technical in nature. Behaviour, knowledge and adapted processes also make a major contribution. The trick is to increase your cyber security at the lowest cost possible.
Meijers has the knowledge and a large network of cyber specialists who can assist you further. We are happy to help you on your way by discussing your specific situation. Do you need a consultation?
The risk
/Insure what you can’t manage
It’s very common to shift part of the cyber risk. For example, direct damages and claims can be insured in the event of an incident. In addition, almost all insurers have a team of specialists ready to help you with the essential initial response of an incident.
We are happy to discuss your specific situation in order to make the best possible match. There is plenty to choose from a range of insurers.
The recognition
/Have an expert team ready
Quickly recognizing a cyber incident is important because it saves you time. The faster you are, the less likely the situation will escalate. The crux is finding the right balance: investing in detection options that reduce cyber risk. This consideration is not an exact science and varies from situation to situation.
We are happy to discuss your level of alertness within your organization.
The response
/Have an expert team ready
Okay, you've been hacked. It happened… Very annoying. What now? Skilful and timely intervention with a cyber incident can prevent a lot of damage. It’s a reassuring idea that you can just call a number. That is perhaps the greatest value of cyber insurance.
We know the possibilities and have personal relationships with many cyber companies in the Netherlands. We are happy to discuss your specific situation to make the best match with suitable specialists.