Cost and damage management in the event of cyber damage
When we hear of major losses in companies, we think first and foremost of events such as large fires that lead to the destruction of entire production facilities and months of lost production. Fortunately, due to very good prevention work in many companies, the number of fires has decreased in recent years. And if the worst comes to the worst, companies have tried and tested measures at their disposal in the form of sophisticated insurance products and professional loss adjustment routines to prevent the worst from happening.
However, growing digitalisation and the accompanying dependence on technology are resulting in sharply increasing risks in the area of cybercrime, and so the topic of “cyber damage” has recently come to the fore more and more, and with great justification. It is almost impossible to estimate how much damage and in what amount companies will be affected – nevertheless, there is general agreement that there are enormous dangers for companies that could threaten their very existence.
In many companies there is uncertainty in this regard, because it is not possible to fall back on tried and tested routines when dealing with cyber damage.
The possible damages can be manifold and range from personal injury, financial loss and property damage to immaterial damage. Affected companies face high costs: for crisis management, for PR and information, for IT forensics and legal advice, for new software, new IT and production facilities, costs due to business interruption and costs incurred by third parties, associated compensation payments, “ransoms”, etc., etc.
Meanwhile, some insurance companies offer very good cyber policies. Nevertheless, this means that additional insurance premiums have to be paid. A precisely calculated sum insured is therefore all the more important, because this is the only way to keep the costs as well as the risks threatening your assets as low as possible.
Ultimately, it is advisable to counter these new risks with proven experience and expertise and to rely on the triad of prevention – insurance cover – claims management.
And in the case of insured property damage and financial loss, the same principles for quick and fair claims settlement apply accordingly, regardless of the specific cause of the damage, so that we are naturally available to you with our expertise in these cases as well.