How do I take out this insurance?

To take out this insurance, you will need to attend a BBVA branch.

How long does it last?

BBVA SMEs and Self-Employed Cyber Insurance is annual. It is automatically renewed each year on the same date.

Can I cancel it at any time?

You can cancel it by giving one month's notice before expiry.

What is the payment method?

Payment is made by direct debit.

Can any company take it out?

Yes, except those engaged in financial services and insurers, gambling activities, pornography and companies regulated by public law.

Is there an exclusion period?

An exclusion period will apply only for the following coverage: Loss of profits caused by business disruption due to data breach, system failure, attack or suspicion of attack: 12 hours. Loss of profits caused by business interruption due to an attack on an external supplier of the insured party: 24 hours.

In what cases is there an excess?

Deductibles will apply depending on the turnover and number of employees. You can choose between €300 and €600 or between €500 and €750. Management of incidents is not subject to an excess, except for notification costs, the creation of an assistance call center and monitoring of compromised information, which will be subject to the same general excess on the policy.

Is there a limit on indemnity?

The limits you can insure are €300,000, €600,000, €900,000 and €1,200,000.

Does this insurance include antivirus?

Yes, to best protect from possible cyberattacks this policy includes Norton Antivirus license valued at €69.99.

What obligations do organizations have under GDPR?

Current General Data Protection Regulations require organizations to report the attack within 72 hours to the Data Protection Agency and customers. Furthermore, some companies are required to have a Data Protection Officer.

Are any services excluded?

Pre-existing problems and issues of which the insured party is aware before taking out the policy will not be covered, nor will dishonest acts, the unauthorized collection and use of data and repair, improvement, correction, withdrawal, replacement or erasure costs.

What happens if I do not meet the conditions?

If when the incident occurs, the insurer verifies that the conditions have not been met, the coverage will be retroactive only to the date on which the policy has come into force. In addition, for coverage of loss of profits due to partial or total disruption of the computer system and in cases of ransom attacks, a 25% sub-limit on the insured sum selected for coverage (losses by the insured party, loss of profits and ransom attack) will apply.

Is there a geographical limit?

The coverage of this insurance is worldwide, except for the USA and Canada.

Who is the intermediary?

BBVA Mediación, Operador de Banca-Seguros Vinculado, S.A. with registered offices in Madrid, Calle Azul nº 4, registered in the Special Administrative Register of Insurance Brokers of the Directorate-General for Insurance and Pension Funds under code OV-0060. With liability insurance arranged and sufficient financial resources.

Who is the insurance provider?

Hiscox S.A., sucursal en España with Tax ID W0185688I, with registered office on Paseo de la Castellana 60, 7ª planta Madrid 28046, entered in the State Register of Insurers of the Directorate General of Insurance and Pension Funds (DGSFP) under number E231. Hiscox S.A. is an insurance company with registered office at 35F Avenue John F. Kennedy L-1855, Luxembourg. Hiscox, S.A. is subject to oversight by the Comissariat aux Assurances de Luxembourg (CAA) and the DGSFP in Spain.

BBVA Public Sector Cyberinsurance

If the leased asset suffers a total asset.

It provides coverage for total loss to your assets as a direct result of an accidental, sudden and unexpected event.
It covers fixed and unfixed assets and transport elements.

What does it cover?

BBVA Cyberinsurance offers the following coverage:

Telephone assistance and advice in the event of a cyberattack, data breach, system failure or ransom attack.

Loss of profits as a result of the incident.

Public liability for security breach and digital content.

Training in cybersecurity.

See more details on the coverage

And you can add

Protection for businesses that sell online:

Financial losses in the event that an unauthorized third party intentionally reduces prices. Up to €25,000, for a maximum of 60 days.

Electronic theft of money or securities:

Financial loss as a result of the issue of transfers through authorized access to the computer information system. Up to €50,000, except for transfers of funds through identity theft or social engineering.

How does it work?

You can report a cyberattack or security breach on the Deloitte Cyber SOC platform, which will respond immediately and activate the corresponding coverage. You will only need to provide the following information:

Insured party's name.

Policy number.

Contact details.

Brief description of the incident.

What are the requirements?

To take out this insurance, you will have to meet the following requirements:

Have a turnover of €7,500,000 or less.

Install an antivirus and have it activated for at least 30 days from the date of the policy.

Make backups at least every month from the effective date of the policy.

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