Types of Risks Covered by Cyber Insurance

By: Vishwa Pandagle 

05-Apr-2023

Types of  Risks Covered by  Cyber Insurance

#1. Data Breach Insurance

It can help pay the insurant for the recovery of compromised data, depending on the policy terms and conditions. Cyber and privacy insurance

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Types of Risks Covered by  Cyber Insurance

#2. Business Interruption Insurance

Business interruption insurance provides cash compensation in case of physical damage caused by events such as devices catching fire.

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Types of Risks Covered by  Cyber Insurance

#3 Cyber Extortion Insurance/ Ransomware Cyber Insurance

Companies with cyber extortion coverage get compensated for various costs incurred in such situations. However, this insurance may not cover software errors or vulnerabilities depending upon the policy terms and conditions agreed upon by the insurer and the insurant.

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Types of Risks Covered by  Cyber Insurance

#4. Cyberbullying Insurance

Cyberbullying insurance covers online threats including the cost of hiring a lawyer for reasons included in the policy.

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Types of Risks Covered by  Cyber Insurance

#5. Intellectual Property Insurance

If a company is accused of copyright infringement or violating Intellectual Property (IP), the accused may seek monetary coverage from the insuring firm.

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Types of Risks Covered by  Cyber Insurance

#6. Cyber Liability Insurance

Cyber Liability Insurance pays and covers a range of cyberattack mitigation costs including litigation, crisis management, forensic investigation, business interruption, etc. 

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Types of Risks Covered by  Cyber Insurance

#7. Identity Theft Insurance

Identity theft insurance provides compensation to victims to cover costs related to the recovery process however, the policy may not cover the loss of money as a result of identity theft.

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