Sberbank Insurance Broker

2017: Launch of companies' cyber threat insurance service

In April 2017, Sberbank Insurance Broker launched a service to insure companies against cyber threats. RBC writes about this with reference to the senior vice president of Sberbank Anatoly Popov.

Coverage of up to €50m will be paid in the following cases:

• if a third party compromises the confidentiality of the corporate and personal information transferred;
• for a break in work caused by a cyber attack;
• for re-issuing compromised payment cards;
•  for the cost of monitoring transactions on the accounts of affected data subjects and third parties for the period up to 12 months after the leak.

The insurance will also include reimbursement of protection costs as part of an investigation into the insured by regulators, reimbursement of expenses for experts in the field of information technology, as well as for the restoration of reputation and notification of data subjects.

Sberbank Insurance Broker began to insure companies against cyber threats

Insurance companies Allianz and AIG became partners of Sberbank Insurance Broker in this project. The bank claims that among Russian companies no one has a similar separate product.

Sberbank Insurance Broker also plans to provide audit services for the IT infrastructure of companies for cybersecurity. It is assumed that this service will be in demand among online stores, communications enterprises, private clinics that own personal and confidential data on their patients, as well as from companies that make customer payments on the Internet.

The market for insurance of organizations and enterprises against cyber threats has existed in the United States for more than 10 years. According to PwC analysts, by 2017, about a third of American companies had already acquired such insurance, and by 2020 the volume of this market will be measured at $7.5 billion^[1] against cyber attacks

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