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Insurance broker of Sberbank



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.

\"The insurance broker of Sberbank\" began to insure the companies against cyberthreats
"The insurance broker of Sberbank" began to insure the companies against cyberthreats

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.[1]