{"id":7156,"date":"2020-08-26T11:39:32","date_gmt":"2020-08-26T14:39:32","guid":{"rendered":"https:\/\/authentic-emerald-aardvark.72-61-35-14.cpanel.site\/16\/?p=7156"},"modified":"2020-08-26T11:39:32","modified_gmt":"2020-08-26T14:39:32","slug":"para-se-precaver-da-lgpd-empresas-correm-atras-de-seguro-cibernetico","status":"publish","type":"post","link":"https:\/\/exposec.tmp.br\/en\/para-se-precaver-da-lgpd-empresas-correm-atras-de-seguro-cibernetico\/","title":{"rendered":"To protect themselves from the LGPD (Brazilian General Data Protection Law), companies are scrambling to get cyber insurance."},"content":{"rendered":"

Car, health, and home are assets we usually protect. But threats like data leaks and hacking into corporate networks have increased the demand for another type of insurance: cyber insurance. According to the Superintendence of Private Insurance (Susep), Brazilian insurers have already paid out almost R$12.9 million in claims (occurrences) up to June of this year for this type of service. To give an idea of how much is being claimed, the same amount for the entire previous year was R$145,000.<\/p>\n

Demand has also grown in recent months. According to Susep, cyber insurance companies collected R$3.5 million in premiums (amount paid by clients) in January; in April, there was a decrease, reaching R$1.3 million; in June there was a new increase, to R$4.1 million. One of the reasons for this is the General Data Protection Law (LGPD).<\/p>\n

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Enacted in July, it established the creation of the National Data Protection Agency (ANPD), responsible for overseeing and applying sanctions. Companies must comply with the law by the date it comes into effect, which could be this month or next year. The sanctions, however, have been postponed until August 2021 due to a provisional measure from the government.<\/p>\n

The perception of risk by companies is also another factor driving the new demand. "Not to mention the cases of companies that have faced cyber crises," says Fl\u00e1vio S\u00e1, manager of financial lines at AIG, a multinational in the sector. That is, when the risk ceases to be a possibility and becomes a reality.<\/p>\n

S\u00e1 recounts a case of an AIG policyholder whose network was hacked. The hackers gained access to 2,000 files containing personal and corporate data. "AIG helped the company investigate what happened and comply with legal requirements, in addition to the forensic investigation. The client received compensation in the amount of R$ 1.2 million," he says.<\/p>\n

Ana Albuquerque, financial lines manager at the insurance brokerage Willis Tower Watson, says that growth has been ongoing since last year. The company saw a 200% increase in demand for cyber insurance compared to the same period in 2018. "In December alone, I had 20 requests for presentations from clients," she says.<\/p>\n

In addition to the enactment of the LGPD (Brazilian General Data Protection Law), she points to the "corporate governance aspect" as a reason, which is a set of practices guided by transparency, accountability, fairness, and corporate responsibility. With insurance, the company builds credibility with clients and shareholders.<\/p>\n

How do you purchase this type of insurance?<\/p>\n