Generali will insure cyber risks

Generali introduces CyberRED, i.e. comprehensive insurance against risks related to breach of cybersecurity, dedicated to entrepreneurs who are aware of the risks resulting from the company's presence on the Internet.

As part of the CyberRED product, the entrepreneur can count on a wide range of benefits. If, for example, as a result of a cyber attack, the client is forced to temporarily cease operations, Generali will cover both the losses resulting from the loss of profit during the downtime and the associated increased operating costs. The owner of the company can also count on reimbursement of various types of own costs incurred in connection with the incident, such as administrative penalties (e.g. resulting from the provisions of the GDPR), costs of legal assistance or remuneration of a PR agency. Additionally, in the event of claims, Generali will also pay compensation for damages caused by the client.

- Ensuring digital security is now a key challenge for entrepreneurs around the world. The Covid-19 pandemic has further accelerated technological development and shifted much of its services to the internet. Entrepreneurs are more and more aware that such progress means not only facilitations, but also many challenges and threats against which it is worth insuring - says Hubert Choszczyk, Director of the Corporate Insurance Sales Department.

CyberRED insurance is distinguished by the possibility of freely building the scope of insurance. The client can choose from as many as 10 sections that make up comprehensive cyber protection.

- The great advantage of the CyberRED product is our modern approach to risk assessment, which we conduct on the basis of innovative tools. On the other hand, brokers appreciate clear and transparent insurance conditions, without an excessive number of definitions or unclear provisions, as evidenced by, for example, a clear confirmation of protection for acts of cyberterrorism. I am glad that we have managed to create a product that at the same time provides specialised, comprehensive protection in a complex and constantly changing area, and at the same time remains client-friendly - points out Marcin Amrosz, Senior Underwriter responsible for handling cyber insurance at Generali.

It is worth noting that as part of the agreement concluded with one of the leaders in the field of cybersecurity, Generali offers access to the Security Operations Center (SOC), where specialists on the hotline available 24 hours a day, 7 days a week deal with receiving reports and analyzing incidents. Thanks to this, the client can at any time verify whether his company has been a victim of a cyber attack, as well as obtain recommendations for further actions. On the other hand, the expert Cyber Security Incident Response (CSIR) team helps to remove the effects of the incident, coordinates activities, reacts to incidents both remotely and on the spot, helps in the implementation of countermeasures, and, if necessary, also deals with the forensic analysis of digital artifacts and preparation of evidence for the purposes of a court trial.