Types of Risks Covered by Cyber Insurance

By: Vishwa Pandagle 05-Apr-2023

#1. Data Breach Insurance

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#2. Business Interruption Insurance

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#3 Cyber Extortion Insurance/ Ransomware Cyber Insurance

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#4. Cyberbullying Insurance

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#5. Intellectual Property Insurance

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#6. Cyber Liability Insurance

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#7. Identity Theft Insurance

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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

#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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#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.

#4. Cyberbullying Insurance

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

#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.

#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.

#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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