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Awareness of the cyber security insurance market has grown due to the proliferation of high profile cyber attacks and data breaches. With companies of all sizes continually being compromised, businesses are looking for cyber insurance to protect themselves from financial, legal and reputational damages, as well as regulatory scrutiny. Cyber insurance helps cover costs like forensic investigations, crisis management, legal fees, and settlements.
Cyber incidents rank as the third highest global business risk, according to the Allianz Risk Barometer 2016. Growth of the cyber insurance market is well underway in the US, where it's been driven by breach disclosure laws. The younger European market is expected to expand, however, as the approaching EU General Data Protection Regulation drives companies to consider transferring their risk by way of insurance.
"Our Cyber Security Services teams work with companies on many levels to help improve their security posture, and in our work, we see that the eventual breach is inevitable," says Jani Kallio, Director, Risk & Security Management Consulting at F-Secure. "Companies should do their best to defend their networks, and they should also have insurance to handle the consequences of any mishap. We are glad to offer the expertise of our Cyber Security Services teams, who will support compromised companies to discover why and how the attack happened, as well as to repair and recover from it."
"With the help of cyber insurance, a company can be prepared for a cyber attack and minimize the disturbance it causes," says Mikko Suomalainen, Chief Underwriter for LocalTapiola General. "The insurance covers direct financial consequences as well as liabilities to third parties. It includes first-rate IT-system technical support in a cyber-attack situation, provided by F-Secure."
The LocalTapiola/AGCS cyber insurance offering is directed at small and medium-sized companies, as well as large enterprises. It covers cost associated with business disruption, crisis management, cyber theft, extortion, liability in cases such as data leaks of customer information, denial-of-service attacks, malicious software and hacking, and costs from legal proceedings.
About LocalTapiola LocalTapiola Group is a Finnish mutual group of companies which is owned by its customers. Our services cover non-life, life and pension insurance, investment and saving services as well as corporate risk management and occupational well-being. We serve private customers, corporate customers, organisations, entrepreneurs and farmers. Lifelong security describes LocalTapiola's way of serving customers throughout their lives and in changing circumstances.
Nobody has better visibility into real-life cyber attacks than F-Secure. We’re closing the gap between detection and response, utilizing hundreds of our industry’s best technical consultants, millions of devices running our award-winning software, and ceaseless innovations in artificial intelligence. Top banks and enterprises trust our commitment to beating the world’s most potent threats. Together with our network of the top channel partners and over 200 service providers, we’re on a mission to make sure everyone has the enterprise-grade cyber security we all need.
Founded in 1988, F-Secure is listed on the NASDAQ OMX Helsinki Ltd.
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