The increasing digitisation and cross-linking of business processes is imposing ever greater challenges on businesses in many different sectors.
While the storage and processing of personal data, the entering into of contracts via the Internet or the deployment of cloud-based services has long become part of everyday business, the level of criminal activity in these areas has been increasing dramatically too.
However, apart from the numerous cyberattacks, legal risks faced by businesses are increasing too. Data protection directives and laws are becoming ever more comprehensive whilst at the same time imposing heavier penalties.
For those cases where preventive risk management can no longer protect the business, cyberinsurance provides cover against those risks for which traditional insurance declines to provide adequate cover.
