Cyber Insurance: Business Protection from Cyber Attacks

An ERGO Hellas Insurance Company program, proposed by Piraeus Financial Holdings, in order to offer its customers who run a business, protection from electronic and cyber risks.
WHAT IT COVERS

This is an Own Damage and Third Party Liability program, which offers businesses protection from cyber attacks in order to reduce their risks and deal with their financial consequences.
DURATION
Annual
PREMIUM PER YEAR

Payment frequency selection:

Annual

Semester
OTHER FEATURES

Cyber Insurance is addressed to:

  • Small and Medium-sized businesses with an annual turnover not exceeding €2,500,000
  • Businesses constituted as natural or legal persons
  • Businesses that operate in one of the categories in the table below
WHAT IT COVERS

This is an Own Damage and Third Party Liability program, which offers businesses protection from cyber attacks in order to reduce their risks and deal with their financial consequences.

DURATION
Annual
PREMIUM PER YEAR

Payment frequency selection:

Annual

Semester

OTHER FEATURES

Cyber Insurance is addressed to:

  • Small and Medium-sized businesses with an annual turnover not exceeding €2,500,000
  • Businesses constituted as natural or legal persons
  • Businesses that operate in one of the categories in the table below

Advantages

The best way to protect your business from cyber attacks is to prevent them. However, this is sometimes not possible.

System breaches and Cybersecurity are a source of concern for any business, given the nature of the information it manages.

Therefore, according to the General Data Protection Regulation (GDPR) which is valid from May 2018, the companies that will not be able to maintain the security of their customers’ personal data:

  • Are obliged to notify any incident of personal data violation within 72 hours from the detection of the incident
  • Run the risk of administrative fine imposition which can reach up to €20 million or 4% of the annual turnover, or whichever is greater
  • Are obliged to compensate their customers whose personal data could not be protected

ERGO Hellas created for this purpose the Cyber Insurance program, which is offered in 2 insurance packages, Cyber Advanced Plus and Cyber Total Plus.

Possibility to choose a sum insured from €25,000, €50,000, €100,000, €150,000, 200.000€, 250.000€, 300.000€ depending on the company's turnover.

Business Categories


  • Businesses with Annual Turnover up to €1,000,000
USE CATEGORY USE CATEGORY
EDUCATION 1 HEALTHCARE 2
AGRICULTURE 1 IT - HARDWARE 2
FOOD 1 IT - SUPPORT 2
MINING 1 IT - SOFTWARE 2
NON-PROFIT ORGANISATIONS 1 PRODUCTION 2
RETAIL STORES WITH ONLINE SALES LESS THAN 30% 1 PHARMACEUTICALS 2
SERVICES 2 REAL ESTATE AND CONSTRUCTIONS 2
ENERGY 2 RETAIL STORES WITH ONLINE SALES EXCEEDING 30% 2
ENTERTAINMENT 2 TOURISM 2
INVESTMENT SERVICES 2 TRANSPORTATION 2
OTHER (description)      

With the Cyber Insurance program, Military services, Banking services, Insurance services, Telecommunications and Public services cannot be insured.


  • Businesses with Annual Turnover from €1,000,001 to €2,500,000
USE CATEGORY USE CATEGORY
AGRICULTURE 1 ENTERTAINMENT 2
FOOD 1 INVESTMENT SERVICES 2
MINING 1 IT - HARDWARE 2
NON-PROFIT ORGANISATIONS 2 ΠΑΡΑΓΩΓΗ 2
ΥΠΗΡΕΣΙΕΣ 2 PRODUCTION 2
EDUCATION 2 REAL ESTATE AND CONSTRUCTIONS 2
ENERGY 2 RETAIL STORES WITH ONLINE SALES LESS THAN 30% 2
OTHER (description)   TOURISM 2

With the Cyber Insurance program, the following services cannot be insured: Military services, Banking services, Insurance services, Healthcare, IT services, Pharmaceuticals, Retail/Wholesale stores with online sales exceeding 30%, Telecommunications, Transportation and Public services.

Coverage

Incident handling & incident management center

Reasonable and necessary expenses are paid due to a real or probable cyber incident for:

  • Investigation of the causes, identification and treatment of the incident by a surveyor
  • Compliance with applicable data protection laws after their violation
  • Operation of a crisis management center
  • Management and protection of the insured's reputation (up to 60 days)
  • Legal defense costs arising from the actions of the supervisory authorities
  • Administrative fines and sanctions of the supervisory authority as a direct consequence of the data breach

Database restoration

Reasonable and necessary expenses are paid for the restoration and adjustment of the insured’s data after an incident in the closest possible state before the incident.

Cyber blackmail

Compensation of ransom paid by the insured (if legally permissible) and reasonable and necessary expenses related to resolving a cyber blackmail.

Cybercrime

Compensation of funds illegally deducted from the insured as a direct result of a cybercrime.

Business shutdown (only for Cyber Total Plus package)

Coverage of loss of gross profit and increased labor costs incurred during the compensation period as a direct result of the complete or partial non-availability or downgrading of the insured’s system services due to a cyber incident (up to 90 days).

Confidentiality and privacy liability

Coverage of amounts for which the insured is legally liable and which arise from third party claims for breach of confidential data or breach of applicable data protection laws (including the personal data of the insured's employees).

Network security liability

Coverage of expenses, for which the insured is legally liable and which arise from third party claims due to an incident on the insured’s computer systems, which leads to:

  • Damage due to alteration, destruction, unauthorized access, unauthorized disclosure of data stored on third party computer systems
  • Interruption or downgrading of third party computer system services

Also covered: Civil Liability of the insured’s employees, which arises from a third party claim for acts or omissions in the context of their employment (unless such acts or omissions are intentional or malicious).

Payment of Premiums

Payment of your premium is made by a standing order from your bank account or your credit card.


Piraeus Financial Holdings SA, as an insurance intermediary, carries out the activity of distribution of insurance products, in the name and on behalf of the insurance companies with which it maintains cooperation.