Seguros Catalana Occidente launches its Cyber Risk Insurance for companies

Seguros Catalana Occidente has launched Cyber Risk Insurance designed to cover the main issues faced by SMEs due to computer attacks, including data loss, suspension of activity, and third-party liability.

Specifically, the Cyber Risk Insurance offers three types of guarantees: coverage of data and costs resulting from the loss of data; protection against possible civil liabilities which may be incurred by the company and coverage of the economic losses resulting from the suspension of activity. This product is flexible as enables each company to select and contract other types of coverage to best suit its needs.

This insurance also incorporates a set of services aimed at enhancing prevention through different tools, such as updating IT equipment and setting up a system to restore hardware; training against possible data kidnapping; support for applications and browsers; geolocation of smartphones, tablets and laptops, and configuration of antivirus systems, firewalls, anti-spyware and malware.

Another service offered by Seguros Catalana Occidente as part of this product is the Cyber Risk Portal, an exclusive web platform where insured companies can report possible incidents and receive professional assistance. In addition, these companies will have access to a software application to check whether they are complying with the Spanish Data Protection Act (LOPD) through the generation of reports and the implementation of assessments and tests.

Cyberattacks are an increasing threat in Spain. In 2016, the Spanish National Cybersecurity Institute (INCIBE), a subsidiary of the Ministry of Energy, Tourism and Digital Agenda, handled 115,000 computer security incidents compared with 50,000 incidents in the previous year.