Liability & Professional Risks
Cyber Insurance
Cyber insurance concerns the consequences a business may face from a data security incident or a disruption to its systems.
What is it?
This is cover concerning the consequences of incidents involving information systems and data, such as breaches of customer data, disruption caused by a technical incident, or fraud carried out through electronic means. It concerns businesses of any size that rely on digital systems to operate. The exact content of each solution differs by insurer and is always confirmed case by case.
Who is it for?
It is relevant to businesses that handle customer data, e-commerce and retail companies, service providers dependent on uninterrupted system operation, and professional services that exchange sensitive information with clients.
Legal position
Is it compulsory in Cyprus?
Depends on profession / activity
Cyber insurance is generally not compulsory by law in Cyprus. Legal, regulatory or contractual requirements may apply depending on the activity, sector or type of data handled. Vesta can help clarify what applies to your circumstances.
General information only. Requirements can change and depend on your activity — Vesta can help clarify what applies to your circumstances.
When might you need it?
Your business begins storing or processing customer data digitally.
You move to e-commerce or an online payment platform.
The business depends heavily on the continuous operation of its information systems.
You work with third-party service providers or cloud data storage.
Clients or partners request assurances about data security before working with you.
These are illustrative circumstances, not a description of policy terms, conditions or exclusions.
Why review this cover?
A data security incident can affect a business's operation, its relationship with customers and create obligations towards third parties. A periodic review helps establish whether the cover matches the volume and type of data handled, and how dependent the business is on digital systems.
The Vesta approach
Understand first, then solutions.
Before discussing solutions we want to understand what kind of data you handle, how your systems operate and how dependent you are on third-party providers. We then look at the obligations that may apply and the points worth reviewing, so your decision is based on a genuine understanding of your circumstances.
Next step
Let's look at your circumstances.
Tell us how things work in practice and we will explain what is worth reviewing before any solution is discussed.
Prefer to speak with us?
If you would rather talk it through, tell us a little about your business and we will come back to you.
Related insurance areas
All business insurance