Primend launches cyber insurance for Baltic businesses in cooperation with Compensa Vienna Insurance Group

Primend, in cooperation with Compensa Vienna Insurance Group, has launched a new cyber insurance solution for business customers in Estonia, Latvia and Lithuania. The service complements Primend’s existing cybersecurity solutions with insurance coverage designed to help companies cover losses resulting from a cyberattack, computer fraud or a data security breach.

Companies invest in technical security solutions, employee training, data backups and incident preparedness. Even where appropriate safeguards are in place, however, the risk of malware, a compromised user account, a fraudulent payment instruction or a data breach cannot be eliminated entirely. Cyber insurance enables a company to manage the financial impact associated with such incidents.

The insurer for Primend’s new service is Compensa Vienna Insurance Group ADB Latvian Branch, while Primend SIA acts as the insurance intermediary. Primend OÜ in Estonia and UAB Primend in Lithuania perform administrative functions related to the service, including document processing and customer support.

Insurance coverage against key cyber risks

Primend cyber insurance is property, financial loss and liability insurance designed for business customers. The coverage may address three main areas of risk.

• In the event of a cyberattack, the insurance may cover data recovery, malware removal, the restoration of IT systems and computer equipment, and reasonable expert and crisis management costs.

• In the event of computer fraud, the insurance may compensate direct financial losses resulting from unauthorised payments, unlawful access, social engineering or fraudulent payment instructions. Coverage may also include reasonable incident investigation costs.

• In the event of a data security breach, the insurance may cover property-related losses arising from the company’s civil liability and, to the extent specified in the contract, non-material damage, legal assistance and court costs.

The policy may also include additional coverage for losses resulting from business interruption, including a reduction in gross profit, continuing fixed costs, and reasonable additional expenses required to restore operations and manage crisis communication. This coverage applies where it is expressly included in the policy and the business interruption was directly caused by an insured cyber risk.

Technical cybersecurity and financial protection within one service portfolio

A defining feature of the Primend solution is the integration of cyber insurance with the company’s existing IT and cybersecurity framework. Primend’s service portfolio includes risk assessments and audits, NIS2 compliance assessments, information security management, employee training, technical security solutions, data backup, recovery capabilities, and the preparation of incident response and crisis management plans. Cyber insurance adds a layer of financial protection to these measures.

Cyber insurance is not an entirely new insurance product in the Baltic market. Primend’s service is differentiated by its Baltic-wide cooperation model, in which an IT and cybersecurity partner helps the company manage preventive security measures, incident preparedness and insurable risk as one integrated framework.

Who is cyber insurance intended for?

The service is intended for companies whose operations depend on information systems, cloud services, digital data or electronic payments. Cyber insurance is particularly relevant for organisations that:

• process data relating to customers, employees or business partners;
• use business-critical information systems;
• make high-value or international payments;
• provide digital services or operate customer portals;
• conduct business in several Baltic countries;
• may lose revenue or operational capacity as a result of system disruption.

The precise scope of coverage, sum insured, deductible, additional coverage and territorial validity are determined individually in each company’s insurance policy. Coverage requires the implementation of the agreed security measures, including the use of firewalls and antivirus protection, regular system updates, data backups and employee cybersecurity training.

Companies can review the terms and scope of Primend cyber insurance and request an individual offer through the Primend cyber insurance website.

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