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Foyer launches the first insurance offer in Luxembourg to meet the concerns of self-employed people and SMEs regarding the challenge of cyber security: cyber pro.
by: Foyer Group
photo: Anna Katina / Silicon Luxembourg
featured: Philippe Bonte

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In a world where digital technology is playing an increasingly important role in private and professional life, and where this trend is expected to continue (arrival of 5G, widespread use of connected objects, etc.), cyber attacks are becoming more and more numerous and costly. This observation, which is the focus of attention in Luxembourg during the third Cybersecurity Week Luxembourg, is a source of concern for many professional customers and companies.

To meet these needs, Foyer launched cyber pro, a new offer on the Luxembourg market, which completes its range of insurance products for the self-employed and SMEs, distributed by its network of agents.

“A study conducted in May 2019 among our independent and SME clients revealed that 77% of them were concerned about cyber threats and were seeking concrete solutions in this area. As an innovative insurer that listens to our clients’ needs, it seemed essential to us to respond to these concerns, while contributing to the more global challenge of cybersecurity in Luxembourg,” explains Philippe Bonte, Chief Financial Officer and Chief Actuary at Foyer Group.

“77% of independent and SME clients were concerned about cyber threats.”

Prevention, crisis assistance and compensation

With cyber pro, Foyer supports its clients in the fight against cyber-attacks, relying, among other things, on the expertise and evaluation tools of the Ministry of the Economy and its initiative SECURITYMADEIN.LU (see our article “Protecting Digital Activities“), with a view to raising awareness and preventing cyber threats. Indeed, in the same way as they do for more traditional threats such as fire, automobile or civil liability, companies that adopt technical and human resources solutions to prevent risks can mitigate or even neutralize their impact.

Unfortunately, despite these efforts, some risks may remain, such as business interruption, attempted extortion or data theft. Under these circumstances, cyber pro offers affected companies assistance in managing the crisis, as well as compensation for margin losses, if a solution is not found quickly.

In addition, cyber pro offers assistance in meeting companies’ obligations regarding the data they collect, process and store under the GDPR regulations, as well as compensation for any claims.

In short, from prevention to damage repair, cyber pro by Foyer assists companies when cybersecurity filters are no longer sufficient.

The article is sponsored by Foyer Group and reflects only the opinion of the author.

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