Partner for BiH
Cyber Insurance
Cyber insurance protects firms against the financial consequences of cyber incidents, such as ransomware attacks, data theft and breaches, fraud and business interruption caused by attacks on IT systems.
Given organisations' growing dependence on information technology, connectivity and automated processes, the likelihood of a firm falling victim to cybercrime today can be greater than the risk of loss from flood or fire. The policy covers both the firm's own costs (recovery of systems and data, lost profit, ransom, regulatory fines) and liability to third parties whose data has been compromised.
Beyond financial protection, the key value is the expert support available 24/7 — IT forensic investigators, lawyers and PR advisers who, immediately after an incident, help to stop the attack, restore data and protect the firm's reputation. As a broker, VIPOX assesses and quantifies the client's cyber risk, places optimal cover with insurers and coordinates the process in the event of a loss.
Real-world examples
Ransomware (encryption of data for a ransom) and hacking, identity theft, malware and viruses, business email compromise, online fraud, breaches and leakage of personal and business data, social engineering, sabotage and employee error, computer network failure or outage, and supply-chain attacks that strike several organisations at once.
What determines the risk profile
Employee activities, system and software errors, existing security measures, the firm's activity and industry, the nature and volume of the data collected, the firm's political or strategic significance and the degree of reliance on technology.
Who it is for
Any firm that uses technology or processes data is exposed to cyber risk. The insurance is particularly recommended for firms that handle large volumes of personal and business data, sensitive or financially valuable information, as well as firms whose contractual partners require cyber cover as a condition of doing business.
Why it matters
Firms' awareness of and preparedness for cyber attacks remain low, and the number of cyber policies in force in the region remains very small relative to the actual exposure. At the same time, the frequency of attacks and the losses they cause are rising year on year. This is precisely why VIPOX alerts its clients in BiH to this risk in good time and helps them insure it adequately before an incident occurs.
Lines covered
The policy covers both the firm's own loss ("first-party" costs — recovery, business interruption, ransom) and liability to third parties ("third-party" — losses to third parties and regulatory fines). VIPOX combines both lines of cover so that the client obtains complete protection tailored to its sector and exposure.
Our approach
VIPOX delivers its broking role in three steps. First, understanding and quantifying the risk using exposure assessment and testing tools. Second, protecting the firm by transferring the risk to the insurer and improving the security profile in line with the insurer's requirements. Third, recovery after an incident through coordination of the claim and incident response. VIPOX leads this process as an independent broker committed to the client's interest, with local market knowledge and, through its partnership with AON for BiH, access to the international insurance market for placing more complex cyber risks.