Insurance terminology explained in simple terms
Cyber crime refers to all crimes that are directed against the Internet, data networks, IT systems or their data or that are committed with the help of IT technology.
Types of cyber crime include, for example, phishing, social engineering, ransomware or illegal crypto mining.
Cyber attacks are increasing every year, and the cyber criminals are becoming more and more creative and dangerous. In 2019 there were 28,439 (reported) cases of cyber crime in Austria, which means an increase of 44.9 percent compared to the previous year (source: Cybercrime Report 2019).
Protection Against Cyber Crime
At exali.com there are various options for protecting yourself against cyber crime attacks:
1. Professional Indemnity Insurance from exali has integrated coverage for data and cyber damage that you may cause to third parties through a mistake (for example, if customer data is stolen during a hacker attack).
2. With the optional First-Party Cyber and Data Risks Insurance (FPC) add-on you can flexibly “upgrade” your Professional Indemnity Insurance so that your own business is well-protected in the event of a cyber attack. For example, the insurance company will then cover the costs of restoring your IT systems.
Term: Cyber Crime
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