“It takes twenty years to build a reputation – and five minutes to lose it.”
This claim by Warren Buffett very aptly describes the hazards threatened by cyber attacks. Cyber criminality is extremely lucrative and is the fastest growing sector worldwide. Cyber attacks can happen to anyone – everywhere and at any time!
In order to protect our clients against cyber risks we have created our own specialised unit, consisting of experts in information security – the Cyber Competence Centre. As one of the leading industrial insurance brokers in Germany, we know how to insure a company.
The fire insurance of the 21st century
A smooth functioning IT and global communications are nowadays crucially important for a company to survive. A high level of information security is always a matter for top management and demands the highest priority. Management bodies are fully liable for data loss with their private assets and independent of any fault.
In case of a cyber incident, cyber insurance provides order in exchange for chaos – it is the fire insurance of the 21st century. The Cyber Competence Centre of the SCHUNCK GROUP applies an all-round approach in information security consulting and in the development of compatible insurance solutions for risk transfer.
SCHUNCK CYBERRISK ELITE
SCHUNCK CyberRisk Elite is our comprehensive insurance solution, individually customised to the needs of your company and which essentially comprises three modules.
Cyber-Assistance: Suspicion of a possible cyber incident? Then quick and professional action is called for: Evidence that will hold up in court, identification and closing off of the security leak, tracing back and eliminating the attacker, etc. Cyber-Assistance helps in that case in minimising any eventual damage scenarios and provides support in implementing the crisis plan, complying with and supporting statutory requirements as well as in professional communications to clients and partners and the maintenance of your reputation.
Inhouse cyber damage: Has a cyber attack paralysed your IT infrastructure? Was one of your service providers attacked and the division is standing still or is impaired? Have confidential data been lost and are costly consequences now being threatened? The risks of inhouse cyber damage are multi-dimensioned, including the SCHUNCK module – ranging from extortion and theft through IT restoration costs and up to and including business interruption damages, etc.
Cyber liability: The basis of every business operation nowadays is data exchange with clients and suppliers. But what happens if you, consciously or unconsciously, damage one of your business partners with a cyber incident? What happens if due to a cyber incident you can no longer meet your obligations, partially or fully? Even an indirect claim for a recourse action due to a third-party cyber incident should be taken into consideration. Here SCHUNCK cyber liability insurance provides a remedy.