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The first insurance policy for the IT&C sector, which covers the risks of a cyber attack, including fines for non-compliance with the GDPR (General Data Protection Regulation), was launched in Romania following a collaboration between Leader Team Broker and the British insurer CFC Underwriting.
"Romanian companies are vulnerable to new risks. Through our partnership with CFC, we have created a complex and highly accessible product that supports IT&C companies to financial and reputational risks, resulting from cyber attacks or professional liability. For this cyber security product, Leader Team Broker has the authority to analyze and subscribe risks, that is to conclude policies on behalf of the insurer, for companies with an annual turnover of up to 2 million euro. We are the only Romanian company with such an authority on the London market," said Razvan Rusu, CEO and founder of Leader Team Broker.
The new product covers risks of up to 10 million euro.
According to official data, this year, four Romanian companies received a fine for violating GDPR regulations and more than 6,000 complaints were filed regarding potential violations of personal information, since the Regulation came into force on 25 May, 2018.
Founded in 2007 by the entrepreneur Razvan Rusu, Leader Team Broker is a Romanian company with a team of 40 employees and partners, with offices in Bucharest, Brasov, Deva, Oradea, Satu Mare and Bacau. The company is recognized as one of the most innovative insurance brokerage companies in Romania, with unique cyber security products designed for the aviation, the shipping industry, energy, health care and special projects such as UEFA Champions League Romania (2012), White Sensation Romania (2012) and The Human Body (2013).
At the end of 2018, the company reported premiums worth 5 million euro.
