Leader Team Broker: “Cyber ​​Insurance offers compensation for losses, but also helps prevent attacks”

• Social engineering is a strategy that is based on psychology and human behavior and is increasingly used by hackers to manipulate users and obtain personal data and sensitive information.

• Social engineering attacks have several characteristics, which, if we recognize, we can protect ourselves from online crimes.

• Along with antivirus protection systems, Cyber ​​insurance is one of the most useful methods to minimize losses in the event of an attack cyber.
  

• Starting in 2025, a large part of companies in Romania are required to have Cyber ​​insurance.

Bucharest, April XX, 2025. Leader Team Insurance Broker, an integrator of offers specializing in complex IT and Cyber ​​Risk professional liability insurance packages on the local and European market, draws attention to the fact that more and more companies in Romania have become, in recent months, the target of cyber attacks that have resulted in the theft of personal data and disruption of activity, generating significant losses. To compensate for losses or even prevent cyber attacks, the Romanian brokerage company supports clients with Cyber ​​insurance packages, a simple solution to a problem that is becoming increasingly difficult to manage, in the context of the development of AI and the numerous social engineering strategies used by cybercriminals to defraud companies and individuals alike.

“Cyber ​​attacks have been a challenge for companies since the beginning of the internet, but especially in the last decade, as the IT component has developed in almost all fields of activity, and hackers have become increasingly ingenious and sophisticated. Recently, however, we have been hearing more and more often in Romania about cases of online systems penetrated by criminals, the most frequently encountered techniques being those of social engineering. Simply put, social engineering is a strategy based on psychology and human behavior, used to manipulate users and mislead them, in order to obtain personal data and sensitive information, for which hackers then demand a ransom. And when a person thus tricked uses their work phone or laptop to access compromised links, they infect the computer system of an entire company. That is why Cyber ​​insurance has become a necessity in any company, because not only does it compensate in the event of a cyber attack, but the prevention component can detect an attack from the moment it exists first suspicion, limiting damage and thus reducing losses to a minimum. This is the advantage that Leader Team Broker’s Cyber ​​insurance packages have, the biggest advantage being that they permanently monitor the client’s infrastructure, starting from the moment the policy was purchased, offering the “incident response” option in 30 minutes, as well as 24/7 assistance for incident management, including investigation, crisis communication and data recovery. Thus, our policies offer extended liability coverage for security breaches, cyberattacks and compliance sanctions, as well as support for compliance and annual audit requirements to maintain protection,” said Razvan Rusu, founder of Leader Team Broker.

How do we recognize a social engineering attack?

Social engineering attacks have become increasingly common in recent times because, based on psychology and the exploitation of human vulnerabilities, they also have a very high chance of success. A series of messages that either ask to vote for a talented child, or ask for donations for a sick person or the purchase of products and services at very low prices – all of these coming from people we know, but whose online accounts have been previously hacked – sensitize the target who makes the mistake of accessing compromised links or to provide sensitive data such as passwords, financial details or access data to IT networks.

Social engineering methods are varied, the most commonly used being phishing (messages sent from sites that appear legitimate, generally cloned from the official websites of institutions), baiting (an irresistible offer for a product that anyone needs), using pretexts (attackers create a credible scenario to obtain information or money – the well-known accident method), or identity theft (using artificial intelligence, attackers take over the identity of someone trustworthy and trick victims into obtaining information or money). In the case of companies, the methods with the highest incidence rate are phishing or identity theft of a person in a management position or business partners, in order to convince employees to provide various sensitive data or to sign and pay fictitious invoices.

Recognition and protection methods in the case of such attacks depend primarily on the vigilance and level of information of the victim. The more things are too good to be true or the greater the tenacity to obtain personal or secret data, the more these situations must raise questions. And even if the message comes from a trusted person, whom we know, if this arouses our suspicions, it is recommended to verify by phone whether that person really sent that message.

Cyber ​​Insurance, an effective protection solution for attacks using social engineering methods

IT systems for protecting against viruses and cyber attacks are increasingly sophisticated and more specialized on different types of incidents, but they often prove to be limited in the face of the speed and ingenuity of online criminals. And since social engineering methods are based mainly on human emotions, no company can be 100% sure that one of its employees does not access a compromised link, which will infect the systems of the entire organization. Therefore, the indication is that, along with antivirus protection, companies and institutions should also purchase Cyber ​​insurance, which not only compensates for losses generated by cyber attacks, but can also minimize the damage caused by such an incident through the prevention component.

Thus, when a company requests Cyber ​​insurance, Leader Team consultants assess the risks and analyze the client’s IT infrastructure and its exposure to cyber risks, a step necessary to identify vulnerabilities and potential cyber threats. Subsequently, the level of cyber risk coverage and included services are chosen from the insurer’s offer, and the specialized broker will offer personalized solutions according to the specific needs of the business. The coverage limits, insurance premiums and specific details of the policy are then established, which reflect the identified risks and the company’s needs.

In the event that the company is targeted by a ransomware, phishing or other type of cyber attack, the company will notify Leader Team, providing relevant details and the necessary documentation, and the broker’s experts will determine the extent of the damage and the costs associated with remediation. After the assessment, the insurance company will cover eligible costs according to the terms of the policy, including data recovery costs, system restoration and any financial losses caused by business interruption.

If the insurance policy purchased by the company also contains the prevention component – available in Leader Team’s Cyber ​​insurance packages -, which includes permanent monitoring of the client’s IT infrastructure, starting from the moment the policy was purchased.

For whom is Cyber ​​insurance mandatory?

Starting this year, two sets of regulations introduced by the European Union are in force in Romania to oblige companies to strengthen their cybersecurity, amid the constant evolution of computer threats and the emergence of new cyber risks for companies globally. Thus, the NIS 2 Directives (which is a continuation of the NIS 1 Directive from 2016) and DORA impose on companies and public institutions in the EU a series of regulations regarding IT infrastructure, which minimize the risks of attacks that can generate losses or even block strategic areas of European economies.

Thus, DORA covers organizations and companies in the financial-banking area, namely banks, investment firms, providers of critical IT services for the financial sector, payment platforms and cryptocurrency providers, while NIS 2 regulations apply to all companies and institutions operating in critical sectors such as energy (electricity, gas, oil, district heating), transport (air, rail, maritime, road), health, digital infrastructure and telecommunications, public administration or industrial production (essential areas). It is important to emphasize that not only companies operating in these areas fall under the scope of the two Directives, but also all companies along the entire supply chain for large companies in strategic areas and critical infrastructure.

Among other specific regulations, companies are also required to have Cyber ​​insurance, designed to protect them against cyber risks, providing financial coverage and operational support in the event of cyber security incidents. Leader Team Broker’s customized Cyber ​​Insurance packages are tailored to NIS 2 and DORA requirements and include cyber incident response costs (forensics, GDPR notifications, PR expenses), ransomware ransom (where permitted by law), legal costs and fines for non-compliance with NIS 2/DORA, as well as data recovery and system restoration assistance.

About Leader Team Broker de insurancia:

Leader Team Broker de insurancia is an insurance brokerage company with a European presence and 19 years of experience in risk management and insurance. The company is recognized as one of the most innovative insurance brokerage players with unique liability, health, cyber security, products for the IT industry, the naval industry, aviation, energy, marketing and HR.

For three consecutive years – 2021, 2022 and 2023 -, Leader Team Broker has been awarded the “Insurance Broker of the Year” distinction at the Corporate LiveWire UK Awards for the degree of creativity and innovation of insurance products, designed for new developing industries and covering the new challenges of the business environment. The jury appreciated the way Leader Team Broker breaks the mold and comes up with creative products, for industries in full expansion and for the most diverse risks.

In 2020, the company’s performance was rewarded by the publication Piata Financiara with the title of “Insurance Broker of the Year” and by Financial Intelligence with the distinction of “Cybersecurity Insurance of the Year 2020”.

The London-based publication “Treat Technologies” dedicated to cybersecurity news included Leader Team Broker in the top 20 companies worldwide that offer the best insurance solutions and products in “cyber insurance”. In 2017, the company received the “Most Creative Insurance Broker in Romania” award, offered by Media Xprimm, and in 2019 it received the “Innovation and Digitalization” award, being the only brokerage company that used RPA technology for repetitive financial operations. The company was awarded in 2020 by the publication Piata Financiara, at the e-finance Gala, with the “e-Risk” award for the best product designed to prevent and cover the risk of cyber attacks.

Leader Team is the only insurance brokerage company that developed the iDoctor concept, an integrated program of national and international medical services, based on a personalized insurance program.

Details on https://leaderteam.ro/en/

Follow us on LinkedIn: Leader Team Insurance Broker https://www.linkedin.com/company/leader-team-insurance-broker