Cyber Insurance

<<< Back to Index 

Cyber Insurance

Cyber Insurance

What is Cyber Insurance ?

Cyber-insurance is an insurance product used to protect businesses and individual users 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 or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.

What is cyber insurance and what does it generally cover?

cyber insurance policy, also referred to as cyber risk insurance or cyber liabilityinsurance coverage (CLIC), is designed to help an organization mitigate riskexposure by offsetting costs involved with recovery after a cyber-related security breach or similar event.

What is cyber security insurance?

Cybersecurity insurance is designed to mitigate losses from a variety of cyber incidents, including data breaches, business interruption, and network damage.

What is data breach insurance coverage?

To mitigate the risk of civil litigation and other penalties when a data loss or theft occurs, a cyber liability or data breach insurance policy can provide access to professional assistance to help businesses comply with applicable laws and regulations.

What is a cyber insurance policy?

Most notably, but not exclusively, cyber and privacy policies cover a business'liability for a data breach in which the firm's customers' personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker or other criminal who has gained access to the firm's electronic network.

What are the risks of cyber?

'Cyber risk' means any risk of financial loss, disruption or damage to the reputation of an organisation from some sort of failure of its information technology systems.

What cyber security is all about?

Cyber security is the body of technologies, processes and practices designed to protect networks, computers, programs and data from attack, damage or unauthorized access.

What is Cyber Essentials Plus?

Cyber Essentials is a government-backed, industry supported scheme to help organisations protect themselves against common cyber attacks