What does Cyber Insurance cover?
- The direct cost of responding to and managing the incident.
- Coverage for lawsuits or claims.
Data breach coverage
In the event of a breach, organizations are required by law to notify affected parties. This can add to overall data breach costs, particularly as they relate to security fixes, identity theft protection for those impacted by the breach and protection from possible legal action.
Business interruption loss reimbursement
A cyber attack can lead to an IT failure that disrupts business operations, costing your organization both time and money. Cyber liability policies may cover your loss of income during these interruptions. What’s more, increased costs to your business operations in the aftermath of a cyber attack may also be covered.
Cyber extortion defence
Ransomware and similar malicious software are designed to steal and withhold key data from organizations until a steep fee is paid.
In the wake of a cyber incident, businesses often seek legal assistance. This assistance can be costly.