Osiguranje od odgovornosti IT kompanija i sajber osiguranje

Cyber Insurance and Tech PI

Cyber Insurance and Technology Professional liability Insurance (Tech PI or Liability Insurance for IT Companies) are products that aim to reduce the risks involved with accelerated digitalisation of business.

The digitalisation of business, which relies on the IT industry and online business channels, is an unavoidable factor of competitiveness in virtually all sectors and activities. At the same time, new digitalisation risks are emerging and being identified. The means to minimise such risks is also cyber security insurance. Cyber risks can seriously and permanently threaten the business of any company, which is why cyber security insurance does not apply only to IT companies but to all companies that use or rely on software, internet and/or cloud technologies in their operations.

The potential risks of digitalisation and online business are very diverse. Accordingly, there are several different types of cyber insurance:

What Cyber Insurance and liability insurance for technology companies cover

The risks covered by these broad terms include any form of theft or data breach to any party to the business relationship, trade secrets, personal and sensitive data, such as payment card details, and private and medical information. They also include theft of devices that may contain confidential information, transmission of computer viruses or malicious software to a third party, inadequate protection against cyber attacks, and intellectual property infringements.

Cyber risk insurance is designed to provide support and protection in case of data theft or breach, in case of compromising company information and causing such damage to a third party. This is why, as two types of insurance in this area, direct damage cyber insurance and cyber liability insurance towards third parties are distinguished, depending on the party in the business relationship that bears the risk and potential damage.

Osiguranje od sajber odgovornosti za direktne štete

Direct Damage Cyber Insurance

Direct damage cybersecurity insurance protects against financial losses that may arise as a result of cyber attacks, data breaches and other incidents that cause direct damages, including loss or destruction of data, business interruption, system restoration, and removal of malware and other harmful elements. In addition, direct damage cyber insurance also covers the costs of informing users whose personal or sensitive data has been affected by cyber incidents.

In case of leakage of personal data or sensitive information, the insurance can cover the costs of notifying the affected users or clients and organising a communication campaign to minimise the consequences of the harmful event and maintain the company’s reputation. Furthermore, the insurance can also cover credit monitoring for clients who suffer the consequences of a harmful event.

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Cyber Liability Insurance Towards Third Parties

The risk of breaching client information and the resulting damages may be numerous and severe. The most common causes or effects that lead to this type of damage are cybercrime, omissions and accidental errors in developing software and/or IT infrastructure. However, even the advice you gave to the client, which had unfavourable consequences for them due to cyber damage, may be the basis for reimbursement. In each of the above situations, the client has the right to demand compensation, either by judicial or extrajudicial means.

For IT and related businesses, third-party cyber insurance includes policies that cover financial expenses for legal services, court fees and judgement costs. EuroSolutions adapts all policies to the specific characteristics of the client’s business, identified risks and special requirements and needs.

Cyber Security and Tech PI Insurance Coverage

The potential risks of digitalisation and online business are numerous. Accordingly, cybersecurity insurance provides different coverage. The choice of coverage related to a certain risk or a number of them provides quality insurance for various risks of digital business, IT solutions and cloud business.

Responsibility for security and privacy of third party data

The security of third-party data, especially in connection with cyber security, poses a risk to which everyone is exposed – from the biggest global companies to small business owners.


It covers the costs in case of a data leakage and a lawsuit by a third party or a user, client or customer, whether due to negligence, an accident, cyber crime, or an error in storing and sharing data.

Crisis management in case of data privacy breach

A breach of data privacy, apart from direct damage, may also incur crisis management costs.


In addition to court fees and possible compensations, it also includes the costs of:

- informing about the incident

- timely and efficient response and mitigation of consequences to prevent further harmful events

- hiring professionals for communication and relations with the media

Restoring lost data and business profits

If a cyber incident or data breach occurs, the process of re-establishing business takes time and requires costs and additional resources.


It covers the expenses of data recovery and lost profits, thus enabling rapid stabilisation and continuation of the course of business after an incident.

Tech PI

Technology professional liability insurance or tech professional indemnity insurance is intended for both the companies providing IT services and companies hiring an IT service provider on their behalf.


It covers the costs of service providers in case of a lawsuit or damages due to a breach of obligation or agreement as a result of negligence, failure to provide services, plagiarism and/or appropriation of other people’s ideas and solutions, piracy, etc.

Responsibility for multimedia content

The insurance is intended for companies engaged in the creation of multimedia content or that hire an external service provider on their behalf.


It covers the costs of compensation for damages and claims for breach of duty as a result of negligence, omissions, piracy, and copyright abuse.

Cyber extortion

Cyber attacks and extortion are a constant threat to companies and can lead to great expenses. Cyber extortion involves demands for payment of a ransom to regain access to IT systems and data infected by malicious codes or viruses.


It reduces the risk and expenses in case of harmful consequences of cyber extortion because it covers the costs of repairing the damage and returning the IT system to its previous functional state.

Seeking useful advice regarding insurance for IT businesses or cybersecurity insurance policies?

Our proven methodology for introducing and improving insurance services guarantees a reduction in risks and costs that arise as a result of unforeseen events in the future. Every journey begins with the first step, and the first step in insurance is the proper identification of risks, followed by defining insurance solutions that are necessary and efficient. Contact us, and we will help you secure your business data from cyber risks based on your needs.