Cyber insurance
Vörður's cyber insurance gives companies immediate access to foreign cybersecurity experts and financial protection in the aftermath of a cyberattack.
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Vörður's cyber insurance gives companies immediate access to foreign cybersecurity experts and financial protection in the aftermath of a cyberattack.
The goal of the insurance is to enable companies to respond quickly, reduce the impact of a cyberattack, and return to normal operations as soon as possible.
Here you can find the key information about the insurance.
Cyberattacks are increasing rapidly in Iceland and have become one of the most serious threats businesses face today. Neither language nor national borders matter — cybercriminals can break into company systems, steal data, disrupt operations, and threaten both businesses and their customers.
The insurance is an important part of a company’s risk management but does not replace technical safeguards, security monitoring, or structured cybersecurity management.
With simple yet targeted measures, you can significantly reduce the risk of cyberattacks. Here you will find practical advice that helps businesses strengthen their cybersecurity and build more robust defenses so they are better prepared when a cyberattack occurs.
The insurance provides access to cybersecurity experts in the event of a cyberattack. They assist in investigating the cause and scope of the attack and provide guidance on how best to stop it and minimize damage.
The first step is always to call 800-4533, where Vörður’s partner can assist the company. This support is available in English, 24/7.
A cyberattack includes unauthorized access to, or use of, the insured party’s computer systems or data assets by a third party.
Costs for the initial response from parties other than Vörður’s approved partners are not covered unless prior consent has been obtained.
The insurance covers operational loss caused by a cyberattack on the insured company’s own systems if the attack prevents the company from using its computer systems or data assets.
Operational loss refers to lost profits, fixed costs, and additional expenses incurred to mitigate the operational loss.
Operational loss due to a cyberattack on computer systems not owned or managed by the insured company or its group.
Operational loss occurring during the first 12 hours of a cyberattack, as well as any operational loss occurring more than 90 days after the attack.
Financial loss arising from stock, foreign exchange, or other financial transactions, even if the loss can be traced to a cyberattack.
The insurance covers damages arising from liability claims or fines resulting from a data breach involving sensitive personal data held by the insured, where the breach can be traced to a cyberattack on its systems.
The insurance also covers liability damages that the company may owe to a third party, where the liability can be traced to a cyberattack on its systems.
Any kind of bodily injury.
Ransom or other forms of extortion.
Any kind of loss caused by a magnetic field.
Cyber insurance provides businesses with immediate access to cybersecurity experts and financial protection in the event of a cyberattack. The purpose of the insurance is to enable companies to respond quickly, minimize the impact of a cyber incident, and restore normal operations as soon as possible.
Cyber insurance is specifically designed for small and medium-sized businesses that want guaranteed access to expert support and financial protection in the event of a serious cyber incident, alongside their own security measures.
Cyberscout is Vörður´s partner and manages the service for our clients. Cyberscout is an international cybersecurity and cyber response specialist company. The service is provided in English and is available 24/7. Cyberscout also handles communication with Vörður if the incident results in operational or liability losses.
A cyberattack occurs when an unauthorized party attempts to access a company’s computer systems or data without permission.
The first step is always to call 800-4533. The company will then receive immediate access to cybersecurity experts who help assess the situation and guide you on how to stop the incident and minimize damage. Assistance is provided in English and is available around the clock.
The company pays no deductible for the initial response, as Cyberscout’s experts begin analysis, incident containment, and guidance on next steps immediately. If further response is required or operational losses occur, the company’s deductible is €2,000.
When calling Cyberscout about a suspected cyberattack, you only need to provide your company registration number.
Cyberscout is an international specialist company in cybersecurity and cyber incident response. The company serves numerous large corporations, financial institutions, and insurance companies worldwide and has decades of experience assisting organizations when cybersecurity incidents occur. Cyberscout has offices in North America and Europe and provides assistance around the clock.