Cyber Risk Insurance

Concept

Considering the exponential form that computerization has grown in recent years, especially due to the constant sophistication and complexity of technology, the risks inherent in this new tool are growing at the same rate.

In Brazil, the Law nº 13.709/18, known as “Lei Geral de Proteção de Dados – LGPD (General Law on Data Protection, inspired by the GDPR)”, has been moving towards modernization and regulation of the cyber world, although its advent in the country arose under the Marco Civil da Internet (Internet Civil Law) – Law nº 12.965/2014.

Although the aforementioned LGPD is still in its vacatio legis period, when it will come into force from February 2020, however, people know that cyber threats are already part of day-to-day life in society and may compromise security and even the operation of enterprises, if the threat materialized. As a recent example of this, the “Wannacry” attack, whose infection caused by ransomware has been hijacked by 200,000 computers in 150 countries, has caused several damages.

In view of this, the Brazilian insurance market has offered protection to companies with guarantees beyond civil liability, as for damages to third parties and to the policyholder himself and others.

Address / recipient

Insurance is currently intended for any company that uses technology or collects data, which is directly subject to a cyber-attack.

It is therefore a comprehensive situation, while the most varied legal entities are able to take out the insurance of cyber risk, such as industries, companies, offices in their varied activities.

Service offered

In this insurance branch it is necessary to always update the innovations and advances in the sector, requiring competence and expertise

Therefore, it is a relatively new insurance in the insurance carrier, and because it sometimes involves large risks, it requires the operator to pay double attention to both the subscription phase and the risk materialization.

For this, the “ACG Advogados” has a specialized team capable of accompanying, guiding and assisting your company in all necessary phases, whether before, during or after the occurrence of a claim.

Our technical knowledge linked to the cybernetic risks insurance, also allows acting in the regulation of claims, assisting the insurer in the analysis of technical coverage.

Besides that, the “ACG Advogados” also has a qualified team in its litigation sector, always seeking the best and most adequate legal-technical defense to its clients.

Legal relevance

As we have seen, cyber risk insurance is constantly expanding, requiring a qualified staff when it comes to helping companies, insurers and other customers.

It is a necessity of the current society, where the contracting of insurance, added to the appropriate legal orientation, can contribute to the protection and continuity of several companies.