Seguros Bilbao designs a product to protect companies from cyber risks

The evolution of society and new technologies is generating new needs with regard to internet security. For this reason, Seguros Bilbao has launched a Cyber Risk Insurance whose aim is to ensure and protect small and medium-sized businesses from the risks of potential cyber attacks.  

In 2017 the National Cybersecurity Institute (INCIBE) solved more than 123,000 cyber security incidents. In accordance with figures from this organisation, depending on the Ministry of Industry, Trade and Tourism, this data has increased more than 140% in the last two years. 

The new product by Seguros Bilbao is designed to offer double protection to SMEs. On the one hand, by reducing the potential damages caused by a cyber attack and, on the other hand, by preventing this kind of situations in the future. Thus, the Cyber Risk Insurance by Seguros Bilbao includes three types of guarantees and, also offers the possibility of combining it with additional coverages as a way of better adapting to the needs of each business. 

In this respect, the three types of guarantees contemplate: the coverage of the data and costs derived from the loss, alteration or theft of said data; the protection and coverage of legal or extrajudicial expenses and deposits requested from the insured company against possible civil liabilities which may be incurred by the company and coverage of the economic losses resulting from the suspension of activity. 

Additional services

The Cyber Risk Insurance by Seguros Bilbao also incorporates a set of additional 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 that Seguros Bilbao offers with 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.