Cyber risks: a risk that should no longer be overlooked
From family companies with a staff of 50 through to multinationals, Verlingue – a pioneer in cyber risk – helps all companies protect themselves from attacks by computer hackers, or cope with “e-claims”, the impacts and costs of which are all but virtual.
The cyberattacks and other types of IT-related damage that strike companies are becoming not only more frequent but also increasingly sophisticated. They might consist in stealing or blocking customer data and/or your company’s data (including personal data), malicious damage from inside or outside the company, an accidental bug that paralyses the information system or production system, a ransom demand or a virus, for example. They cause hundreds of millions of euros worth of damage every year. The phenomenon is favoured by the growing digitalisation of the economy, teleworking, spurred by the health crisis, and the “professionalisation” of the hackers. In just a few years, the cyber risk has come to be seen as a key risk by all companies, whatever the size or their business, and is now a major challenge… providing you know how to manage it and providing you protect your company from its possible impact with effective and competitive insurance cover.
Verlingue has introduced a ranked approach that makes it possible to:
- Analyse / identify the risks
- Avert and quantify the risks
- Transfer the risk to the insurance market
- Anticipate crisis management and have it ready in the event of an incident
- Provide clear, concise cover of the different items of damage sustained by companies
Guide customers in the choice of insurance. Before recommending a solution to cover the cyber risk, our specialised experts work with you and your IT teams to diagnose the risks to your environment, your business and your information system. This in-depth audit gives you a thorough map of your vulnerabilities. By gauging the potential financial impacts of a cyber attack, you can then establish the priorities for protecting your tools, your data and your networks, and establish the appropriate levels of cover.
The most effective factor in cyber resilience is prevention. This will entail training and awareness-raising for your staff, reminding them of the rules for safe computing, applying best practices, upgrading your tools or processes and protecting your data. Prevention is at the centre of our conception of risk management. It enables you to reduce your exposure to cyber-risks, limit their possible impacts and, most importantly, persuade the insurance companies with whom we negotiate your contracts to insure your company for a reasonable premium, at a time when they are drastically tightening their eligibility conditions.
Cyber insurance is constantly changing. Our advisory role leads us to keep watch on the market in order to monitor trends and enable our customers to enjoy the best possible protection.
With Verlingue, you enjoy special rates negotiated with its insurance partners. For both cyber and other risks, Verlingue is by your side when a cyber attack strikes. During the attack on your information system or the system outage, our experts and our service providers provide 24/7 support to address the issue immediately: they set up and run a crisis unit, estimate the damage, make your information system secure, respond to the hackers, etc. After the attack, we continue to guide and support you to facilitate and expedite your indemnification by the risk-bearer. We also provide Feedback in this particular area to build awareness on the ground and feed into our customers’ policy decisions.
As early as 2017, Verlingue was forging a name for itself on the nascent cyber risk market. Since then, we have constantly ramped up our efforts to help our customers protect themselves with a full support solution. To go even further, in 2022 we joined forces with the risk-management consulting firm Inquest to construct the “Cyber-resiliance” offer, the only risk-management product of its kind on the market. This modular package is built around five key steps: audit, analysis, threat assessment, financial impacts, and recommendations.
Overview of the cyber insurance market
In June 2022, AMRAE, the Association for Enterprise Risk Management and Insurance, published the second edition of its comprehensive study LUCY, “LUmière sur la CYberassurance”, on cyber risk insurance coverage in France, to which Verlingue contributed along with seven other brokers specialising in corporate risk.
Philippe Cotelle, Chairman of the AMRAE Cyber Commission and Risk Manager of Airbus Defence and Space, shares with us the lessons and highlights of this new study alongside Frédéric Chaplain, Executive P&C Director of Verlingue.