Ransomware attacks are a top-tier threat for businesses of all sizes and industries, with business interruption comprising 75 percent of the overall impact. Particularly for companies reliant on a select number of critical assets, the result of a successful ransomware attack is partial or complete shutdowns of IT systems for days, weeks, or even months in severe cases. This leaves firms facing operational losses that amount to millions of euros, emphasizing the imperative for robust cyber policies that offer monetary assistance to mitigate the impact of cyber-attacks.
The Cyber Shutdown Cover is specifically designed to address this distinctive challenge resulting from ransomware attacks. Our parametric insurance product safeguards businesses through providing compensation for business interruption, encompassing the loss of revenue incurred during downtime, alongside incident and response costs, from crisis management to legal fees.
Amidst the chaos of grappling with a large-scale cyber attack, the last thing CISOs and risk managers should fret over is the uncertainty of their insurance coverage—Descartes stands ready to offer clients that piece of mind. In close collaboration with the client and broker, Descartes develops a bespoke indemnification framework for business interruption losses, establishing predefined daily compensation obligations. This way, in the event of a cyber attack, loss adjustment is simple. Descartes simply requires technical confirmation of the encryption event and the duration of the business interruption to calculate compensation. Within 3 days, the insured is informed of the applicability of their coverage under their policy, followed by compensation within weeks, giving businesses the confidence to navigate a turbulent cyber risk landscape.
Assess
Utilizing a concise questionnaire and the client‘s OT/IT data, we assess the client’s vulnerability to ransomware attack with our internal model.
Customize
In collaboration with the client and their broker, we design a customized indemnification grid fit to the scope of our client’s needs.
Monitor
Upon policy inception, our incident and response team is accessible 24/7 for emergency response, forensic analysis and data / IT restoration in the event of a cyber attack.
Payout
Following a cyber attack, insured clients are given notice of the applicability of their coverage within days and paid within weeks of resuming business activity.
Our parametric approach to cyber risk
Our innovative parametric cyber product is supported by a proprietary cyber risk model that leverages extensive data to produce accurate risk assessment of our clients. As an added benefit, our analysis offers bespoke remediation plans for clients to enhance their cybersecurity ratings and fortify their defenses against cyber threats.
Our cover may be purchased as a primary cyber cover, or in excess of existing cyber programmes for increased protection of business interruption exposure. Our parametric structures are tailored to every client’s unique circumstances with unparalleled flexibility.
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