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Cyber insurance through Allianz
With cyber insurance, the part used most often is not the payout but the telephone line: an incident response team that starts containing the damage, carrying out forensic investigation and restoring systems within a few hours.
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Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
- We compare the offerings of several insurers
- An adviser checks whether the cover suits your activities
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
- Independent advice
- Several insurers
- Switching arranged
- Help with claims
In brief
The cover falls into three parts. Own damage: rebuilding systems and data, the business interruption while you are down, and the costs of investigation and communication. Liability: claims from customers, patients or suppliers whose data has leaked from your systems. And the assistance: forensic IT investigation, legal assistance and press handling, from the moment you report the incident.
The GDPR turns this into an obligation with a clock attached. In principle a data breach must be reported to the Autoriteit Persoonsgegevens (the Dutch data protection authority) within 72 hours, and the people concerned must be informed where the breach poses a high risk to them. In many incidents the costs of that notification process and of informing your customer base make up the largest part of the bill.
When comparing policies, look at the waiting period for business interruption, at whether an outage at your hosting provider also counts, and at the requirements the insurer sets for your security. Background information is on our page about cyber insurance.
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Cyber insurance through Allianz: what is covered?
The structure of the cover in three parts, with an overview per situation below.
What we do
From assessment to policy.
- Matching cover to your work
- Conditions side by side
- Switching, including cancellation
In the event of a claim
What really matters.
- Notification and guidance
- Assessing a rejection
- Objection where necessary
What is covered
| What we look at | Explanation |
|---|---|
| Does the cover suit your activities | Yes |
| Sum insured and excess | Yes |
| Exclusions and clauses | Yes |
| Fit with your other policies | Yes |
| Premium in relation to the conditions | Yes |
| Comparing on premium alone | No |
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
What does your premium depend on?
- Nature and size of your data holdings. Special categories of personal data or payment details weigh more heavily than a list of business customer addresses.
- Annual turnover. Turnover is the usual basis and helps determine the size of a possible interruption loss.
- Maturity of your security. Multi-factor authentication, separated back-ups and a patching policy lower the premium or make acceptance possible at all.
- Dependence on external service providers. If everything runs at a hosting provider or in the cloud, an outage at that provider counts in the assessment.
- Waiting period chosen for interruption. A shorter waiting period before the interruption cover starts raises the premium most visibly.
- Earlier incidents. An earlier data breach or a successful ransomware attack leads to further questions and sometimes to conditions set in advance.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
- You request a quoteWe take stock of your activities, turnover and wishes.
- We compareseveral insurers, on premium as well as conditions.
- You receive a proposalWith an explanation of the differences and the exclusions.
- We arrange the switchIncluding cancellation, so there is no gap in cover.
Why arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
Independent
We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
One fixed adviser
You call or email someone who knows your file. No menu options, no changing call centres.
Switching without hassle
We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
9.5New policy
9.8Claims handling
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
The first 48 hours determine the extent of the loss
With ransomware the question is not only whether you pay, but how quickly infected systems are taken off the network and whether your back-ups have been encrypted as well. The incident responsecover gives you immediate access to specialists who direct that work. If you first call your own IT provider and only contact the insurer days later, evidence has often already been destroyed and cover for investigation and recovery may come under pressure.
Business interruption only counts after the waiting period
The business interruption module compensates lost gross profit while you are down, but only starts running after a waiting period expressed in hours. If your webshop is down for half a day and the waiting period is longer, there is no payout. This is the point on which quotes differ most. A classic business interruption insurance does not pay out here, because there is no physical damage.
Your security is a condition, not a recommendation
Insurers now include firm requirements: multi-factor authentication on remote access, offline or immutable back-ups, security updates installed on time, and controlled administrator rights. If you do not meet these at the time of an incident, the payout may be reduced or refused. We go through those clauses with your IT manager before you take out the policy, so that you do not discover you fell short at the moment you have to report a claim.
What is not included
Excluded are the costs of improving your systems beyond their previous level, replacing outdated hardware, and damage caused by known but unremedied vulnerabilities. Fines imposed by regulators are insurable only in so far as the law allows. War, attacks by state actors, loss of turnover through long-term reputational damage and errors in software you supply yourself also fall outside the policy.
Frequently asked questions
This is what people ask us most.
Does the insurer pay the ransom in a ransomware attack?
Some policies allow it, always with prior consent and within the limits of sanctions legislation. In reality the incident response team first works towards recovery from back-ups, because paying is no guarantee that the keys will work. More important than this question is whether your back-ups are kept separate from the network, because that determines whether paying arises at all.
Does my business interruption insurance not simply cover an IT failure?
No. That policy requires covered physical damage to your own property as the trigger, such as fire or burglary. In a ransomware attack nothing is physically broken: the hardware works, the data is unusable. That is why classic business interruption cover does not pay out and the interruption module of a cyber policy is the only route to compensation for that lost turnover.
We outsource our IT entirely. Am I still at risk?
Yes, because towards your customers and the Autoriteit Persoonsgegevens you remain answerable as the data controller, even if the breach arose at your supplier. Recovering your loss from that party runs through the data processing agreement and the limitation of liability in it, which often takes years. In the meantime the cyber policy pays for the notification, the communication and the interruption on your side.
What happens if an employee simply clicks on a link?
That is the most common scenario and it is covered in principle: human error is exactly what this cover exists for. The position is different with invoice fraud, where an employee makes a payment after receiving a forged email. That form falls under a separate module for social engineering, with its own limit and often a requirement for two-person authorisation on changes to bank details.
Every situation is different. For these situations we have a separate page.
- Compare business cyber insuranceThe main page
- Cyber insurance through Hienfeld
- Cyber insurance for your businessIncident response, business interruption, data breach
- Cyber insurance for self-employed professionalsCustomer data, incident response, small business
- Cyber insurance for GPsGP system failure, medical data breach, incident response
- Cyber insurance for businessesRansomware, data breach, interruption
- Cyber insurance for IT companiesCustomer systems, access, supply chain risk
Read more
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Ready to compare?
Request a quote without obligation. We will look at which insurer best matches your activities and your risk.
Prefer to call? 072 - 509 24 56, weekdays 09:00–17:00.
Claim on the road? Emergency line 06 - 55 20 40 72.
About our service
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
This page was compiled by Finass Verzekert (LinkedIn). Last updated on .
The information on this page is general in nature and is not personal advice.