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Cyber risk insurance: what is it and why is it so important?

As cyber threats increase in 2021, so does the number of companies turning to cyber insurance to protect themselves from financial loss.

That's why your company needs IT insurance.

Cyber insurance is a set of insurance covers specifically designed to protect your company from cyber risk. 

Insurance helps your company withstand a breach and mitigate the side effects, especially the economic ones, of such attacks.

To give you an example: has insidious malware got into all the PCs in your company, causing an interruption in service (and therefore your revenue)? You can get insurance cover.

Or, following a ransomware virus, do you have to pay a ransom to get your data back? Again, you can get insurance cover to help you restore your systems and support the intervention of specialist technicians.

We can summarise the coverage offered by computer insurance in two areas:

  • Pecuniary Losses

The main covers include:

  • Data and computer system recovery
  • Cyber extortion
  • Reputational damage
  • System Interruption
  • Hacking corporate mobiles
  • Civil Liability and Legal Protection

It allows you to receive compensation in the event of recognised civil liability for your company. In addition, the insurance can cover the costs of your lawyers in the event of legal action.

Therefore, while it is important to prevent cyber attacks, it is equally important to be financially protected in the event of sudden events: otherwise the risk is to suddenly find oneself with major losses to be recovered or expenses to be incurred.

To protect your company and insure yourself against the economic damage of cyber attacks, you can sign up for free to our platform:

The rapid spread of digital processes in companies, due to the period we all know, has also brought a major problem: the increase in cyber attacks against micro-enterprises and SMEs. No one is safe. 

Cybercriminals target mainly small and medium-sized enterprises because they are often poorly or not at all defended. The financial damage to the company that is the victim of the attack and the heavy fines from the legislator for non-compliance with IT security standards make SMEs high-risk subjects.

A study by Ibm estimated that in 2019 the computer violations cost on average USD 3.5 million to each Italian companyand these costs are set to rise as the digitisation and digital integration of the entire supply chain of business organisations becomes more widespread.

A risk that is too often underestimated. This is why Forbes magazine spoke about us, in the issue dedicated to the 100 leading cyber security and insurtech companies (insurance in the technology sector), devoting an entire article to Cyberangelsthe platform that guarantees all-round IT security for SMEs:

"Cyberangels is a cyber-insurtech startup to definitively solve the problem of cyber protection for businesses. This doesn't just mean preventing a hack, but also helping them mitigate and recover from the damage when it occurs.

The strong point is the platform's ability to increase the security level of companies, reducing the risk of cyber attacks, and save on legal, security and training costs. Also important is the bespoke insurance against any damage resulting from a cyber attack."

A GREAT OPPORTUNITY FOR INVESTORS: HOW MUCH IS THE CYBER-INSURTECH MARKET WORTH?

The cyber security-insurtech sector is very interesting for investors. It is estimated that thehe IT security market is worth around 170 billion.

Even more interestingly, it has calculated a growth rate of +12% per yeararriving at at least 330 billion by 2027.

In 2019 alone, there were 6.3 billion investments in the acquisition of insurtech assets (insurance in the technology sector): an increase of 58% compared to the amount invested over the period 2017-2019. But practically only 25 companies (out of a total of 238) took advantage of this explosion.

Practically great demand from investors but few viable companies able to offer adequate insurtech services. 

HOW TO INVEST IN THE CYBER SECURITY MARKET

Unlike all other companies, Cyberangels has developed the only platform capable of solving SMEs' IT security needs across the board, today neglected by competitors.

Given the great potential for future growth of the entire industry and the company, it is now possible to invest and receive part of the profits that await us in the coming years.

To give you the opportunity to investing with security and total transparency, Cyberangels passed a very thorough selection processwhere the team of analysts from the BacktoWork investment platform assessed the corporate strength and the future growth potential.

All investment information has been approved and certified by BacktoWork, by viewing company documents and the growth plan, so that you can invest online with protection and transparency.

RESOURCES FOR YOU

Download Free Guide

In our guide you will learn how to secure a small or medium-sized business, from an IT point of view, and how to protect yourself from attacks on the internet.

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Your company finally protected and secure.

We offer protection and insurance tailored to your company and your level of risk.
Registration free of charge.

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