Do you want to insure your company against cyber incidents? Are you wondering which insurance suits your company? Or are you still unsure whether insurance makes sense?
Leading dedicated Maritime insurance companies have stated that they are not providing cover for present cyber risk issues, simply because they do not know what to insure. The complexity around insuring cyber risk are manifold and the insurance industry is demanding guidelines how to approach this problem.
However, once clear directions can be given, the insurance companies may be arrange some form of cover, however this always remains to be agreed individually.
There are different types of insurance for cyber security. The premium is usually a percentage of your company’s turnover, the lowest is below 1% and the highest is above 3%. The premium can be reduced if the company meets various requirements.
The Armada team will be happy to help you map out which insurance is best for your company and help you meet as many conditions as possible for a lower premium. We can help you with a plan of action and, if necessary, also assist with the implementation of compliance.
Our software and systems deal with this matter and some of our software even comes included with Cyber Incident Insurance!