New data processing requirements are being adopted this year in European Union Member States. Regulations related to data protection will become more comprehensive. This means big changes for companies, especially if a significant quantity of personal data is being handled, which in turn affects all private persons and their well-being. The insuring of cyber risks is one possibility for protecting one’s company and the data being collected.
Following the entry into force of the law, the greatest risk is faced by companies whose everyday activity depends on different information technology systems and web solutions or which collect people’s personal information (health information, other personal information), important financial data (credit card information, accounting). One of a company’s most important assets is data; at times even more valuable than physical assets. Therefore, data must be well kept, including your personal data.
The greater the degree to which our personal life is connected to data, the greater the accompanying risks relating to damage. For example, a situation in which an e-shop is hacked, resulting in damage or the e-shop becoming impossible to use; people’s sensitive health information or personal data is disseminated; credit card data falls into the wrong hands; a laptop computer containing important information is stolen; a computer virus destroys important data needed by a company to operate, etc. Cyber-crimes are a growing type of crime, from which no company is safe.
A cyber risk insurance policy offers comprehensive protection for restoring or repairing a company’s data, computer systems, and web solutions in the case of a loss event, regardless of how the damage was caused. In short, cyber risk insurance covers those exclusions in theft insurance, business interruption insurance and liability insurance related to data, IT systems, and other associated damages. Direct damages and claims are compensated, including risk management and legal assistance costs.
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IIZI Kindlustusmaakler AS is the biggest insurance mediation company in Estonia, while also being one of the first companies that started offering insurance services on the internet. Today, high quality brokerage services are offered to both large and small customers through personal solutions and the biggest internet-based self service environment. IIZI Kindlustusmaakler AS has been operating on the market since the year 2000, and at present it holds a market share of 31%, making it the largest broker in Estonia. Internationally the company is represented in Latvia and Finland. IIZI Group AS employs over 150 people.
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