Cyber Insurance

Cyber Insurance is a specialized form of protection designed to safeguard businesses against the complex risks arising from digital operations. In an era where cyber threats are increasingly common, Cyber Insurance provides a critical safety net, offering financial restitution and support services in the event of a cyber incident.

What is Typically Covered:

• Data Breach Response: Costs associated with managing a data breach, including customer notification, credit monitoring services, and public relations efforts.

• Business Interruption: Compensation for income lost and extra expenses incurred when a cyber event disrupts your business operations.

• Cyber Extortion: Protection against losses due to ransomware or other cyber extortion tactics where a threat actor demands payment to prevent damage to, or return of, electronic data.

• Legal Fees and Regulatory Fines: Coverage for legal expenses and regulatory penalties that may arise from cyber incidents, subject to the limits and conditions of the policy.

• Network Security Liability: Protection against claims alleging that a failure in your network security caused harm to a third party, such as the spread of malware or unauthorized access to customer data.

• Data Restoration: Costs to restore or recover lost or corrupted data as a result of a cyber attack.

What is Not Typically Covered:

• Outdated Technology: Losses related to the use of unsupported or outdated hardware or software may be excluded.

• Intentional Acts: Intentional illegal acts or malicious activities conducted by the business or its employees are not covered.

• Infrastructure Failures: System failures not caused by a cyber attack, such as power outages or ISP downtime, are typically not covered.

• Loss of Value: Depreciation in value of any data or software is not covered.

• Bodily Injury or Property Damage: Physical damage or injuries are generally covered under other forms of insurance.