What Coverages Can I Get in a Cyber Insurance Policy?
Feb 25, 2021
How does Cyber Insurance Protect My Business?
While browsing through different Cyber Insurance policies, many questions may run through your mind like what all will I be protected against? What different coverages can I get? How does Cyber Insurance protect my business? Our team of experts at Foxquilt are here to answer these questions that you might have regarding a Cyber Insurance policy.
What is a Cyber Insurance policy?
A Cyber Insurance policy is a type of insurance coverage to protect businesses from claims arising from cyber-related incidents. It covers all legal costs related to the claims, including defense and monitoring costs.
What different coverages can I get in a Cyber Insurance policy?
The different types of coverages you can get in a Cyber Insurance policy are:
Insurance against cyber attacks and hacking attacks.
Theft and Fraud
Covers destruction or loss of the policyholder’s data as the result of a criminal or fraudulent cyber event, including theft and transfer of funds.
Covers the legal, technical, or forensic services necessary to assess whether a cyber attack has occurred, assess the impact of the attack and stop an attack.
Covers lost income and related costs where a policyholder cannot conduct business due to a cyber event or data loss.
Provides coverage for the costs associated with the investigation of threats to commit cyber attacks against the policyholder’s systems and for payments to extortionists who threaten to obtain and disclose sensitive information.
Computer Data Loss and Restoration
Covers physical damage to, or loss of use of, computer-related assets - including the costs of retrieving and restoring data, hardware, software or other information destroyed or damaged as the result of a cyber attack.
Covers organizational liability arising from actual or alleged non-compliance with any worldwide cyber, information privacy or identity-related regulation, statute or the law.
The kind of cyber coverage that you will need depends on your business. Every business is unique! That's why our team of experts at Foxquilt can help you figure out the right kind of Cyber Insurance policy, built to protect your business and its unique needs. Get started on your quote today!
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