ARTICLE · 24 SEPTEMBER 2026

Business Insurance 2026: The Cybersecurity Act

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The Finnish Cybersecurity Act has fundamentally transformed business insurance requirements by extending cyber risk management obligations to thousands of companies across new sectors. With management now personally liable for cybersecurity compliance and facing potential fines up to EUR 10 million, organizations must reassess their cyber insurance coverage, directors' and officers' liability policies, and overall risk management frameworks.

FinlandInsurance

Niklas Virtanen

Business Insurance 2026: The Cybersecurity Act Reshapes the Landscape of Risk Management

Business insurance has traditionally been seen as a tool for managing property, business interruption and liability risks. In recent years, however, a new and rapidly growing focus has emerged: cyber risks and the regulations governing them. The Finnish Cybersecurity Act, which implemented the EU’s NIS 2 Directive, has introduced new risk management and reporting obligations for thousands of Finnish companies. At the same time, the cyber insurance market is undergoing a period of transition, with prices having fallen but the claims trend remaining uncertain. This article outlines what company management and those responsible for risk management need to know about the current situation.

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