Cyber Insurance

Cyber insurance transfers some breach financial risk to insurers.

Coverage types

• First-party: Direct losses to your organization.

  • Business interruption.
  • Data recovery costs.
  • Ransom payments.
  • Notification expenses.
  • Public relations costs.

• Third-party: Liability for others' losses.

  • Legal defense costs.
  • Regulatory fines and penalties.
  • Customer notification.
  • Credit monitoring services.

Requirements

• Security controls assessment.
• MFA on privileged accounts.
• Endpoint protection (EDR).
• Backup and disaster recovery.
• Incident response plan.
• Security awareness training.

Exclusions

• Prior known vulnerabilities.
• Failure to patch critical systems.
• Acts of war or nation-states.
• Intentional acts by insured.

Underwriting process

• Security questionnaire.
• Technical assessment.
• Claims history review.
• Industry and revenue evaluation.