Cyber Risk is the insurance solution designed to protect against cybercrime and IT risks. Aimed at both businesses and individuals, it safeguards against the theft and manipulation of sensitive information, cyberattacks, and fraud targeting IT systems. Indeed, it can cover both First-Party damages (such as business interruption, intellectual property, and system restoration) and Third-Party liability (including privacy breaches, loss of profit, financial fraud, legal defense costs, and reputational risk).
It represents a fundamental added value for companies facing high risks regarding data protection and significant system sensitivity in managing daily operations. It involves cyber risk scenario analysis, system vulnerability assessment, and the analysis of business process dependency on IT systems.
