Digital storage and processing is an indispensable part of the daily operations of today's companies. Small and big companies from every sector use technology to offer their products and services. This means that the number of devices they need to protect, third parties they need to team up with and people who have access to the date will increase accordingly. Therefore, sensitive data of every company faces several threats ranging from data security breaches to electronic theft, from service interruption attacks to copyright infringement etc.
Cyber-attacks threatens companies to a large scale. Companies that receive unexpected attacks lose reputation, their stock prices lose value and their brands are impacted negatively. Therefore, all companies in Turkey should increase awareness about these threats on all management levels.
Chubb Turkey is assertive about cyber insurance products. Operating in more than 54 countries with over 30 thousand employees, Chubb has brought Turkey its experience and expertise of 20 years in this area.
Although it is important to prepare against and protect from cyber threats, no precaution can provide 100 percent protection against cyber-attacks. Protecting data by only technological and organizational practices is impossibl. Cyber insurance solutions minimize the damages from cyber-attacks.
Cyber insurance for SMEs
Every company’s requirements change according to their sector, size and risks. Therefore, cyber insurance solutions need to be customizable. This means that cyber insurance policies need to be living policies. As an underwriting-focused company, Chubb evaluates each risk separately and designs special products for each risk.
Chubb offers cyber risk insurance companies to small and large companies in every sector. Insurance covers both pre-loss and post-loss processes. Moreover, the company informs its customers about changing risks due to constantly evolving cyber environment, and helps keep them prepared all the time.
How does Chubb provide services?
Cyber risk insurance covers both pre-loss and post-loss processes. When a loss is incurred and a claim is filed, the company offers different supports according to the policy coverage, such as providing analysis experts to prevent data loss.
In the post-loss process, Chubb covers for the expenses of legal and engineering experts or documentation costs. However, for financial losses such as damages to machinery, companies need to buy an additional loss of business policy.
Size of cyber-attacks in Turkey and around the world
Cyber threats are a common problem for all sectors. Hundreds of millions of data security breaches occur every year around the world. Turkey is the most frequent receiver of cyber-attacks in Europe; and ranks third in the world, following USA and Brazil. According a research conducted by Fortinet, Turkey ranks fifth on a global scale in terms of botnet, exploit kit and ransomware threats.
Despite the increased awareness on this subject due to extensive media coverage about recent attacks; cyber-attacks continue to increase significantly by each passing day. Another research by Trend Micro indicates that ransomware attacks have increased 172 percent globally in recent years, which in turn resulted in the growth of demand for cyber-insurance. Cyber threats are now listed among the first priority topics for companies in all sectors. Do not forget that “Hackers” will always be one step ahead of you when it comes to cyber risks.
Even if you use the most advanced technologies, individual lurking in the “dark web” can outrun you. Cyber-attacks can be conducted for financial gains or to cause reputation loss in a company. Sometimes they can harm the companies without meaning to do so. Today, almost every object has an IP address, production lines in factories have IP addresses; which means that they can even halt a factory’s production by hacking that IP address. There are actual examples of such events.
A child in Germany inadvertently hacked into the IP address of an iron and steel plant’s production line and ceased the production by accident while playing in his computer. This resulted in a loss of nearly 50 million USD. We are evolving into a strange world. However, there is a mechanism to protect against all those threats, which is called cyber risk insurance. In an era when everything changes rapidly and economy is slippery, companies need to consider every risk if they want to stay afloat. This ranges from worker's health and safety to cyber risks.