Filenews 8 November 2025 - by Charalambos Zakos
Each era brings with it its own dangers. Business, home, life, health, and car insurance are all well known. Today, however, a new need is being created. In fact, this phenomenon has taken on such large proportions that it is now reflected in the decisions of the insurance companies themselves.
Cyberattacks on companies, which are increasing day by day, have embarrassed businesses, which on the one hand are trying to fortify themselves by upgrading their systems and on the other hand to protect themselves from the possible financial consequences that these attacks bring with them.
The biggest risk for a business, apart from the cessation of operations due to a cyberattack and the damage to its reputation, is the theft of data and other company information. This, moreover, seems to be both the standard practice and the main way of securing money for those who carry out such attacks.
According to the data, the overwhelming percentage of these attacks and the most frequent threat to businesses is "ransomware". Those who attack companies "lock" their files, demanding a ransom and threatening that, otherwise, they will either publish sensitive data or delete it, with all that this may entail for a business. The problem is so extensive that neither government websites nor large multinationals are spared.
In fact, it has not been long since the Land Registry Department was attacked and for several days everything was "frozen", with serious consequences for the economy. Something similar happened on a university website. The common point, as mentioned above, was the demand for a ransom to stop the attack.
New insurance product
Insurance companies, based on the above, saw a new opportunity to attract customers and create new policies. Recently, a well-known insurance company in Cyprus has been "running" a relevant advertising campaign, while it is only a matter of time before other companies in the sector follow.
According to the company, the "cyber insurance" it offers covers a wide range of cases, from loss of revenue due to business interruptions, to expenses to mitigate a blow to public image and paying a ransom.
Specifically, the coverage, as advertised by this company, through the contract concerns:
– Loss of Revenue (due to business interruption)
– Ransom (payment of amounts for the release of systems/data)
– Blackmail (payment of amounts for the expiration of a threat after an attack)
– Data Recovery (costs of restoring systems/data)
– Compensation of Third Parties (who suffered damage to their public image due to a data leak)
– Additional Costs (for accurate calculation of attack costs)
– Diagnostic Investigation of an Attack (by the Insurance Company even if you are not sure that you have been a victim)
– Legal Costs (consulting services for the management of fines and dealing with lawsuits)
– Costs of Specialist Intervention (computer security for "treatment" of problems from the attack)
– Communication Costs (with affected parties for information and answering questions)
– Audit Costs – Monitoring (for any illegal use of data)
– Public Image Mitigation Costs.
