Cyber Insurance is a type of insurance coverage designed to protect businesses and individuals from financial losses and liabilities resulting from cyber-related incidents and data breaches.
Cyber insurance has emerged as a vital component of risk management strategies, aiming to mitigate the potentially devastating consequences of cyber incidents.
Cyber Liability Insurance is available to a wide range of businesses and individuals who handle digital data and operate in the online space.
The coverage offered by Cyber Insurance can include costs related to data breach notifications, legal fees, regulatory fines, public relations efforts, ransomware payments, and more.
Cost of Cyber Insurance varies based on the size of the business, amount of coverage & more. On average, premiums can range from few hundred dollars to several thousand dollars annually.
Types of cyber insurance include first-party coverage for expenses related to data breaches and cyber incidents, and third-party coverage for legal claims and liabilities arising from these events.