The digitization and interconnection of business processes present significant challenges for companies across various industries.
While the storage and processing of personal data, the entering into of contracts via the Internet or the deployment of cloud-based services have long become part of everyday business, the level of criminal activity in these areas has been increasing dramatically too.
However, in addition to the numerous cyberattacks, businesses are facing increasing legal risks as well. Data protection directives and laws are becoming ever more comprehensive whilst at the same time imposing heavier penalties.
In cases where preventive risk management is insufficient to protect the business, cyber insurance offers coverage for risks that traditional insurance policies do not adequately cover.
