exali Glossary
Your encyclopedia of technical terms used in the insurance industry
The insurance industry is full of technical terms—from insurance policies and obligations to recourse claims. To help you keep track of everything, the exali glossary explains the main insurance terms in a simple, understandable, and practical way.
In the exali glossary, you will find not only definitions, but also practical examples, legal information, and references to the appropriate insurance coverage. This way, you always know where the risks lie—and how to protect yourself against them.
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Cyberattack
The term cyber risk describes all risks arising from the use of digital technologies, such as hacker attacks, data leaks, system failures, or manipulation of IT systems. Companies that work online, process data, or provide digital services are particularly affected.
A cyberattack is a targeted attack on IT systems, networks, or digital data with the aim of causing damage, stealing information, or disrupting business processes. The consequences range from damage to reputation and business interruption to massive financial losses.
Typical forms of cyber attacks:
- Phishing: Deception via email to obtain sensitive data
- Ransomware: Malicious software that encrypts data and demands a ransom
- DDoS attacks: Overloading servers with massive requests
- Data manipulation: unauthorized modification or deletion of data
- Malware: viruses, Trojans, or worms that infect systems
Why cyber risks must be taken seriously
Cyber attacks do not only affect large companies—freelancers, agencies, online retailers, and IT service providers are also attractive targets. Often, outdated software, insecure passwords, or a careless click on an attachment is enough to paralyze systems or expose sensitive customer data.
The consequences of a cyberattack can include:
- Business interruption and loss of revenue
- Claims for damages from customers (see financial loss)
- Warnings and fines for data protection violations
- Reputational damage (see damage to reputation)
Protection with exali: Professional insurance for cyber risks
exali's professional liability insurance offers tailor-made protection against cyber risks – including the financial consequences of a cyber attack. The optional add-on module “Data protection & cyber own damage coverage” also covers your own costs, e.g., for IT forensics, PR measures, data recovery, or notification obligations under the GDPR.
Important: exali also provides protection in the event of IT failures caused by gross negligence – provided there was no intent.
Term: Cyberattack
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