What is Cyber Insurance?
Cyber insurance covers a business's own losses after a cyber attack or data breach (response, data restoration, business interruption) and third-party compensation claims, and comes with incident response services.
Ransomware, email fraud and data leaks target companies of every size. An attack can trigger a chain of consequences: halted operations, exposure of customer data, notification obligations under the Turkish Personal Data Protection Law (KVKK) and reputational damage.
Cyber insurance gives fast access to forensic specialists, legal advisers and crisis communication support during an incident, and covers financial losses within policy limits. Cover terms depend on the company's information security measures.
What is covered?
-
Incident response costs
Forensic investigation, legal advice and crisis management.
-
Data and system restoration
Rebuilding corrupted or encrypted data and systems.
-
Business interruption
Income lost when systems are down due to a cyber incident.
-
Cyber extortion
Negotiation and related costs in ransomware incidents, to the extent permitted by law.
-
Third-party liability
Compensation claims by customers and business partners following a data breach.
-
Notification and reputation costs
Notifying data subjects, call centre and public relations expenses.
Optional extensions
- Social engineering and fake instruction fraud
- Dependent business interruption (supplier outages)
- Hardware replacement (bricking)
- Regulatory investigation costs, to the extent permitted by law
Who is it for?
- All companies processing personal data
- E-commerce, finance and healthcare
- Industrial firms whose production depends on IT systems
- Software, IT and digital service providers
Information needed for a quote
Sharing the following information lets us obtain fast and accurate quotes from several insurers.
- Business activity and annual turnover
- Types and number of personal data records processed
- Information security measures (backups, MFA, EDR, etc.)
- Past cyber incidents (if any)
Frequently asked questions
Do small businesses need cyber insurance?
Yes. Attackers often target small and medium-sized businesses whose security measures are weaker. A ransomware attack can halt an SME's operations for days.
Does cyber insurance pay ransoms?
Some policies may cover related costs under cyber extortion, to the extent permitted by law and with the insurer's consent. This cover varies between policies.
Which security measures matter for getting a quote?
Multi-factor authentication (MFA), regular offline backups, endpoint detection and response (EDR), patch management and staff awareness training improve both insurability and premium.
Scope of cover and limits are determined by the general and special conditions of the issuing insurer.