The Challenges of Traditional Cyber Insurance
Slow indemnification: Businesses may wait months or even years to receive compensation after a cyberattack.
Complex policies: Coverage terms can be unclear, with exclusions that make it difficult to determine the actual protection scope.
Limited customization: Many policies fail to address the specific risks businesses face, leaving them without tailored solutions.
Key benefits of parametric insurance
Added Transparency
With pre-agreed parameters and payout structures eliminating ambiguity
Bespoke Policies
Custom covers for one or multiple locations adapted to the client’s existing coverage (e.g., traditional insurance, captive)
Swift Payouts
In a matter of days or weeks after a loss event, no longer requiring on-site loss assessment
Financial Freedom
Covering any type of direct or indirect financial losses resulting from the event
Cyber threats are more sophisticated than ever, leading to operational disruptions, reputational damage, and substantial financial losses. As ransomware attacks and other cyber incidents rise, cyber insurance has become essential for business continuity. Cyber interruption insurance plays a critical role in minimizing downtime and financial risks associated with cyberattacks.
Descartes’ Parametric Cyber Insurance: Fast, Transparent, and Tailored Coverage
Descartes’ Parametric Cyber Insurance is designed to bridge this gap, offering a data-driven, scalable solution that ensures swift indemnification and tailored coverage. By integrating advanced technologies with a customer-centric approach, Descartes empowers organizations to mitigate cyber risks, recover faster from incidents such as cyber shutdowns.
Designed for European businesses with an annual turnover of €50 million or more, our cyber insurance solutions are particularly beneficial for mid-sized companies seeking to strengthen their cyber resilience.
Coverage Capacity
Between €1 million - €5 million, with options for higher coverage through alternative structures like captives.
case study example
Cyber Shutdown Parametric Solution for a Manufacturing Company
In 2024, a manufacturing company, with a yearly turnover of €200M, was a victim of a ransomware attack.
Problem
A malicious intrusion in their IT systems was quickly identified and the client had to stop its business production lines during 30 days before solving the crisis and resuming its activity. This business interruption caused significant financial losses, and damaged its reputation towards its clients due to unexpected delays.
Solution
The solution would be Descartes’ Cyber Shutdown Cover. Clients benefit from a 24/7 assistance for crisis resolution. After activity resumes, indemnification is automatically calculated and sent within days.
Result
Had the manufacturing company subscribed to Descartes' solution, it would have been compensated with more than €4 million.
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