Cyber Insurance

Cyber Insurance

Cyber insurance is an insurance product used to protect businesses from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies. Coverage provided by cyber-insurance policies generally encompasses:

• First party coverage against losses such as data destruction, cyber extortion, theft of data, hacking and denial of service attacks;
• Liability coverage (third party) indemnifyingcompanies for costs relating to losses caused to third parties, for example by errors and omissions, failure to safeguard data or defamation;
• Other benefits including regular security-audit, post-incident public relations, investigative expenses and criminal reward funds, fines and penalties, etc.