Leader Team Broker has partnered with CFC, a London-based specialist insurance provider and pioneer in emerging risk, to deliver a comprehensive insurance proposition for Romanian technology companies, which includes cutting-edge cover for cyber risks such as GDPR.
“Emerging risks make Romanian companies vulnerable, so we’ve partnered with CFC to offer their robust yet very affordable insurance product to help the local tech business environment cope with any financial or reputational outcomes of cyber-attacks or professional liabilities. For this cyber security product, Leader Team Broker has the authority to analyse and subscribe risks, to issue policies on behalf of the insurer, for companies with an annual turnover of up to EUR 2 million. We are the only broker in Romania that has this authority on the London market,” said Razvan Rusu, the General Manager and founder of Leader Team Broker.
“Emerging technologies highlight the crossover between traditional insurance classes such as public liability and specialist products such as tech PI. Most emerging technologies such as IoT, sharing economy platforms and social networks are subject to contingent bodily injury and property damage exposure through the delivery of their services. It is essential to bridge the gap between the two classes by underwriting this under a comprehensive package with full understanding of the overall exposure. Pertinently, this will ensure liability is not avoided and clients are getting the best service possible when a claim occurs”, states Charlie Murray – International Tech & Media Team Leader, CFC Underwriting.
The cyber policy is designed specifically for technology companies and covers professional liability cyber and privacy exposures – including GDPR-related risks, first and third party cyber exposures, cybercrime, and privacy liability – alongside media liability and advertising injury, property, reputation and brand protection, and more.
The policy is also able to cover cyber exposures such as:
- Theft from bank account or card
- Business interruption as the result of a cyber attack
- Costs for recovering information systems after a cyber-attack
- Cyber blackmail or ransomware
- Intellectual property theft
- Damages provoked by disloyal actions of the employees
- Unintentional transmission of a computer virus or unintentional breach of data to a third party
“Until now tech businesses would have to purchase three different policies from different providers to access this same level of coverage – one for professional liability, one for cyber security, and one for 3rd party liability. Now having these risks covered by the same policy, they can save up to 50 percent of the money spent,” states Alexandra Durbaca, Executive Director of Leader Team Broker.
The policy also comes with access to an award-winning incident response team to help recover data and restore systems. Additionally, the insurance company preemptively offers a series of services after purchasing the policy such as: monitoring and alerting the security breaches within the company, creating a risk plan in case of a cyber-attack, creating a rating report on the company’s vulnerability and training for increasing security in within the organization.
According to official sources, this year in Romania four companies were fined for breaching GDPR rules, while more than 6,000 complaints alleging potential violations of the protection of personal data have been lodged to the official authority since GDPR took effect. The new policy offers cover for GDPR with limits of up to EUR 10 million.
The newly launched policy with Leader Team Broker covers all the specific risks technology companies face, within a single product.