Cyber Insurance
Cyber insurance, also known as cyber liability insurance or cybersecurity insurance, covers financial losses that companies experience due to cyber incidents. These incidents can include ransomware attacks, data breaches, and other cybersecurity threats.
Cyber Insurance Solutions
It's especially important in today's digital landscape, where the cost of data breaches continues to rise, and cyber attacks are more prevalent than ever. Here's what it covers.
First-Party Coverage
Business Interruptions
If a cyberattack takes computer systems offline, cyber policies may cover some or all of the resulting revenue losses. The cover provides protection against accidental physical loss or damage to:
Threat Response and Remediation
Insurance can pay for incident response, system repairs, forensic investigations, and other necessary services after a cyber event.
Legal Expenses
Cyber policies may help cover litigation arising from a cyberattack, such as lawsuits filed by affected customers.
Third-Party Coverage
Damages to External Parties
This pays for damage suffered by parties outside the business, such as consumers whose data was stolen.
Exclusions
What is not covered?
Exclusions vary, so review your policy carefully. Generally, cyber liability insurance won't cover intentional acts, fraudulent activities, or certain other exclusions specified in the policy.