Cyber insurance in Cyprus protects businesses from financial, operational, and regulatory losses resulting from a range of cyber threats, including ransomware attacks, data breaches, and system interruption.

It acts as a critical risk transfer tool, helping to protect your cash flow so your business can survive a cyberattack without going under.

Cyber insurance in Cyprus provides financial support for first-party losses and third-party liabilities caused by data breaches, ransomware attacks and system interruptions.

Bespoke policies cover GDPR fines, notification costs, and regulatory investigations, while providing 24/7 incident response from technical and legal experts.

1. Legal & Regulatory Costs

A small company experiences a data breach exposing customer emails. Regulators investigate and fine the company for privacy violations. Cyber insurance pays the legal fees and fines, helping the company avoid crippling costs.

2. Extortion & Ransomware

A business is hit by ransomware attack, locking all its files until a ransom is paid. Cyber insurance covers the ransom payment, and negotiation costs.

3. Business Interruption

A hacker takes down a retailer’s website for two days during peak sales. The company loses income and incurs extra costs to move to backup systems. Cyber insurance compensates for the lost sales and added expenses.

4. Dependent Business Interruption 

A retailer’s cloud service provider suffers a cyberattack, causing the retailer’s website to go offline. Cyber insurance covers lost income during the downtime even though the cyber event was at the third party.

5. System Restoration and Data Recovery

A virus corrupts a company’s customer database. Cyber insurance covers costs to repair systems and recover data.

6. Reputational Damages and Crisis Management

A healthcare clinic faces negative media after a breach exposed patient records. Cyber insurance pays for public relations experts to help manage and repair the clinic’s reputation.

7. Privacy Liability: A software firm fails to secure client information properly. Customers sue for negligence and data misuse. Cyber insurance covers defense and settlement costs.

8. Risk Management Services

Bespoke Cyber policies offer free access to experts like cybersecurity professionals, IT specialists, forensic investigators, lawyers, and crisis communication advisors.

These specialists will help you manage the incident and get your business back online as quickly as possible.

When applying for cyber insurance in Cyprus, insurers typically request some basic information to provide an initial cost estimate.

This usually includes:

• Company name
• Company website
• Year of establishment
• Number of employees
• Previous year’s revenue

These details help insurers assess your business’s size and risk profile for a preliminary quote.

Regarding cost, cyber insurance prices vary based on factors like company size, industry, cybersecurity measures in place, and coverage limits.

However, many businesses are pleasantly surprised by how affordable cyber insurance is, especially considering the extensive protection it offers.

Compared to the potentially high costs of a cyberattack, investing in cyber insurance often proves to be a smart and cost-effective decision.

Directors & Officers (D&O) Liability Insurance in Cyprus protects company directors, board members, and officers from personal financial losses arising from lawsuits linked to management decisions, regulatory breaches, or employment-related claims. .

It acts as a critical safety net for those individuals in leadership positions.

Key Distinction: While Professional Indemnity (PI) protects the work you do, D&O protects the people who run the business.

In Cyprus, we typically see two distinct types of D&O coverage:

1. Commercial D&O: Designed for trading  and service companies. It covers legal defense costs, settlements, and damages if a management mistake causes financial loss to a third party.

2. Financial Institutions D&O: Specifically for regulated firms (Forex, FinTechs, and Funds). This coverage is more comprehensive, often including protection for regulatory fines, administrative penalties, and in-depth investigation costs (critical for CySEC-regulated entities).

Typically purchased by the company, D&O insurance is a key risk-transfer solution for effective corporate governance. It provides:

a) Protection Against Personal Liability: from business-related lawsuits.

b) Attracting and Retaining Talent: Qualified board members often require this cover before accepting a high-stakes position.

c) Investor and Stakeholder Confidence: Demonstrating that the company has a professional safety net for its leadership team.

A comprehensive D&O policy in Cyprus covers:

• Current, past, and future directors (executive and non-executive)
• Company officers and senior management (CEO, CFO, COO, General Managers)
• Board members and advisory board members
• Company secretaries and compliance officers
• Shadow directors (persons acting as directors without formal appointment)
• De facto directors (persons exercising director responsibilities)
• Employees acting in managerial or supervisory roles
• Trustees and committee members (for not-for-profit organisations)
• Spouses and family members of insured persons
• Estates, heirs, and legal representatives (if the insured person passes away)
• The company itself for certain type of claims (securities claims)

Claims under a D&O policy can be made by:

• Shareholders: shareholders might sue directors for breaching fiduciary duty after approving risky business decisions resulting in losses.
• Investors: investors could claim misrepresentation if financial information was incorrect or misleading.
• Regulators: regulatory bodies can initiate investigations or enforcement actions for regulatory breaches.
• Clients: Clients might claim losses due to contract breaches or negligent management decisions affecting services.
• Employees: employees may file lawsuits for wrongful termination, discrimination or harassment.
• Competitors: At times, competitors may bring claims such as allegations of unfair business.
• Creditors: creditors can claim if directors mismanage company finances leading to insolvency or failure to repay loans.

Commercial Property insurance in Cyprus protects your tangible assets such as buildings, machinery, and equipment from physical damage, including coverage for loss of income due to business interruption.

This coverage helps if your property is damaged by fire, storms, theft, vandalism, or other unexpected events.

Most property owners combine property insurance with other coverage types for full protection:

Public Liability insurance – covers costs if someone suffers bodily injury at your premises or if you damage someone else’s property (like a falling brick hitting a parked car).

Business interruption insurance – covers lost income if you can’t operate after damage.

Commercial Property Insurance protects:

• Landlords
• Property owners
• Property investors
• Property management companies
• Family offices (managing family investment properties)

At NEXUS INC, we have the expertise to help you secure your investment with Fire & Special Risks or comprehensive All Risks coverage, so you can focus on protecting your property and keeping your business running.

Commercial property insurance in Cyprus protects your property investment from financial loss when physical assets are damaged or destroyed.

What’s Protected:

Your policy covers damage from:

• Fire, lightning, and explosions
• Water damage & pipe bursts
• Aircraft and vehicle impact
• Storms, and floods
• Riots and strikes
• Earthquakes
• Vandalism
• Theft

Types of Property Insurance in Cyprus:

• Fire & Special Perils: covers only specific risks listed in your policy, such as fire, lightning, explosion, and earthquake. If the risk isn’t named, it’s not covered.
• All-Risk Policy: covers all types of damage unless specifically excluded. This broader protection includes accidental damage and unexpected events not listed in basic policies for complete peace of mind.

Your building’s insured value should cover the full cost to rebuild it today, also known as the replacement cost.

To get the right coverage, consider how much it would cost to fully repair or rebuild your property using current market rates.

Since construction costs and material prices can fluctuate, it is wise to obtain a professional property valuation every 2 to 3 years to ensure your insurance amount stays up to date

Understanding underinsurance risks in Cyprus

Underinsurance happens when the insured value is less than the true replacement or rebuild cost.

Cyprus has seen rising building costs, so this is a common risk.

Underinsurance mainly impacts partial loss claims.

For example, if your insured value covers 60% of the actual rebuild cost, your payout will be limited to 60% of any claim you make. This applies even to small repair claims, meaning you would be responsible for covering the remaining costs yourself, plus any deductible or excess.

To avoid underinsurance, regularly update your building’s insured value based on professional appraisals or valuations.