– Cyber security insurance protects your business from financial loss, operational disruption or damage due to the perils associated with doing business using computers and the Internet.
Cyber security insurance, also known as cyber liability insurance, should cover both 1st party and 3rd party claims.
First party claims may include data destruction or theft, extortion via ransomware, hacking, funds transfer fraud through a phishing attack and defense costs.
3rd party claims may include other parties, such as business partners, employees, clients or customers who are exposed in a data breach, as well as the costs associated with a data breach such as reputation management, notification costs, regulatory fines and other 3rd party liabilities.
The factors impacting the cost of cyber security insurance include, but may not be limited to, the size of your company, the nature of your operations, the industry you are operating in, your history of claims and your risk management practices.
Watch more new videos about Insurance | Synthesized by Mindovermetal English
