2017: Start of service of insurance of the companies upon cyberthreats
In April, 2017 "The insurance broker of Sberbank" started service of insurance of the companies upon cyberthreats. Writes RBC with reference to the senior vice president of Sberbank Anatoly Popov about it.
The insurance coverage at the rate to 50 million euros will be paid in the following cases:
- if the third party compromises confidentiality of the transferred corporate and personal information;
- for the break in a labor activity caused by cyber attack;
- for rerelease of the compromised payment cards;
- for expenses on monitoring of account transactions of affected subjects of data and the third parties until 12 months after leak.
The insurance will also include cost recovery on protection within investigation concerning the insurer from regulating authorities, reimbursement of expenses for experts information technology fields and also on recovery of reputation and the notification of subjects of data.
Allianz and AIG insurance companies became partners of "An insurance broker of Sberbank" in this project. The bank claims that among the Russian companies anybody has no similar separate product.
"The insurance broker of Sberbank" is also going to render services of audit of IT infrastructure of the companies regarding cyber security. It is supposed that this service will be popular among online stores, the enterprises in the field of communications, the private clinics owning personal and confidential data on the patients and also at the companies making client payments on the Internet.
The market of insurance of the organizations and enterprises upon cyberthreats exists in the USA more than 10 years. By estimates of analysts of PwC, by 2017 about a third of the American companies already purchased such insurance, and by 2020 the volume of this market will be measured by $7.5 billion.