Cyber Insurance
Comprehensive protection for businesses in case of data breaches and cyber threats
- Protect your company against cyber incidents
- Cover recovery costs and compensation
- Avoid losses due to regulatory processes
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In Summary
Understand the product
Learn more about the importance of cyber insurance to protect your business.
What is Cyber Insurance?
- Coverage for financial damages related to system recovery, as well as losses caused by operational interruption.
- Financial protection in cases of third-party lawsuits resulting from privacy violations.
- Emergency support in response to cyber threats, assisting in damage containment and recovery.
Why is it necessary?
- Coverage for losses caused by business interruption, helping with the quick recovery of the company.
- Coverage for ideal financial management, supporting the mitigation and transfer of risks for businesses.
- Fundamental element to ensure compliance in certain business partnerships.
Who needs Cyber Insurance?
- Companies that store, process, or transmit customer information and data.
- Companies that conduct online financial transactions or have integrated systems with partners and suppliers.
- Companies that offer legal, strategic, and financial advice.
RISKS
With relevant risks, it is essential to be insured
R$ 7 million
What is the average cost of a data breach in Brazilian companies?
IBM Security
103 Billion
This was the total number of attempted hacker attacks in Brazil in 2022.
(FortiGuard Labs)
277 days
It is the average time that companies take to identify and contain a data breach.
IBM Security
R$ 64 million
Value paid by insurers for cyber incidents in 2022 in Brazil.
SUSEP
COVERAGES
What are the coverages?
Defense costs and indemnities
Protects your company against third-party claims and regulatory bodies for data breaches. Includes legal fees and payment of compensation and settlements.
Notification and monitoring costs
Coverage for costs associated with customer notification and credit monitoring after a data breach.
Cyber extortion
Financial protection against the payment of ransoms in cases of cyber extortion, such as ransomware attacks.
- Damages resulting from intentional acts by the company.
- Physical damage to company equipment and assets, such as servers and computers.
- Claims for lawsuits filed against company executives by shareholders, regulators, or other interested parties, typically covered by D&O Insurance.
- Error or omission in the provision of professional services, such as consulting and software development, typically covered by a Professional Liability insurance policy.
Use Cases
Examples of Cyber Insurance Claims
Understand through examples what causes a Cyber Insurance claim.
1. The problem
An employee of a company clicked on a phishing link that installed malware on the company’s system, resulting in the interruption of their systems and operation for several days.
2. What was done
The company notified their Cyber Insurance provider, who initiated an investigation of the incident.
3. Outcome of the event
The insurer covered the costs of system recovery, including coverage for lost profits resulting from the interruption of operations.
1. The problem
An employee of a technology company stole confidential customer information and provided it to competitors.
2. What was done
The company notified their Cyber Insurance provider, who initiated an investigation of the incident.
3. Outcome of the event
The insurer covered the costs of notifying affected customers, credit monitoring, and legal actions against the employee.
1. The problem
A company suffered a DDoS attack that caused interruptions in their online services and revenue loss.
2. What was done
The company notified their insurer that they have initiated an investigation of the incident.
3. Outcome of the event
The Cyber Insurance provider covered the costs of system recovery and business interruption losses, while also providing assistance in implementing measures to prevent future attacks.
1. The problem
Service company targeted by ransomware attack, with system blockage and demand for ransom to release data.
2. What was done
Company activates cyber insurance, hires security specialists, and negotiates with hackers to minimize the impact of the attack.
3. Outcome of the event
Insurance covers recovery costs, negotiation, and ransom payment, allowing for the resumption of operations and implementation of additional security measures.
LATÚ INSURANCE
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“Latu is a strong partner in helping to find risk management solutions for all companies, regardless of their size and industry”.
Fundador e CEO, Latitud
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