With its new product of “Cyber Protection Insurance”, Aksigorta is providing protection against sanctions that might be encountered within the scope of data breaches and the law on the protection of personal data. It also provides coverage for other risks ranging from cyber blackmailing to media liability, from business interruption to cyber crimes.
Fahri Altıngöz, Assistant General Manager at Aksigorta, emphasized that new risks emerged in the insurance business with technological developments. He added: “Threat imposed by cyber-crimes on companies increase with each passing day. We have observed that the number of cyber-crimes around the world in 2018 doubled compared to those in 2014. In 2021, losses to be incurred due to cyber-crimes are expected to increase up to 6 trillion USD. These figures show that as insurance companies, we should change our perspective from the content of our products and services towards customer requirements and the marks they leave on their lives. That is the approach with which we have developed the Cyber Protection Insurance.”
Fahri Altıngöz added as follows:
“For us at Aksigorta, everything starts with the customers under our new insurance focus. We have gone through a long-running research phase to achieve that; we have listened to our customers and analyzed the market. Now we know that we need to look and get out of the window that previously defined our perspective. In this regard, we aspire to become an insurance company that stands by its customers and acts as a solution for their requirements, while pushing the boundaries of insurance. That is why we are now moving with an utterly different insurance approach.”
Extensive coverage options of Cyber Protection Insurance provides insurance for companies against many risks including illegal electronic transfers from the policyholder’s bank accounts, illegal tampering of the data stored in policyholder’s computer systems, or even ransom demand under the threat of damaging the policyholders computer systems.
Moreover, it provides coverage against compensation claims and defense costs arising from activities of defamation or infringement of copyrights, violation of titles, slogans, commercial names, brands or right of privacy that could be conducted using the policyholder company’s website or social media accounts. The product provides coverage for losses that might be incurred by the policyholder as well as compensation claims from third parties.