Cyber Security Insurance

Why is Cyber Security Insurance important for businesses?

Cyber Security Insurance is crucial because it provides a safety net against the rising threats of cybercrime. It helps businesses recover financially and operationally from cyber incidents, covering expenses like data restoration, legal fees, regulatory fines, and business interruption.

Who needs Cyber Security Insurance?

What types of businesses should consider Cyber Security Insurance?

Businesses in high-risk sectors, such as financial institutions, healthcare providers, e-commerce platforms, and technology firms, are particularly vulnerable to cyber threats and should strongly consider Cyber Security Insurance. However, any company that relies on digital systems or handles customer data is a candidate for this coverage.

How does Cyber Security Insurance work?

When a covered cyber incident occurs (e.g., data breach, ransomware attack), the insured business files a claim with the insurance provider. The insurer evaluates the claim and, if approved, covers the costs associated with mitigating the damage, such as legal expenses, IT services, business interruption losses, and third-party liabilities.

Is Cyber Security Insurance mandatory?

Cyber Security Insurance is not mandatory by law, but it is highly recommended for businesses that handle sensitive customer data or are at risk of cyber attacks. Some industries, however, may have regulatory requirements that make insurance necessary for compliance.

What risks does Cyber Security Insurance cover?

Cyber Security Insurance covers a wide range of risks, including data breaches, ransomware attacks, cyber extortion, business interruption due to cyber incidents, network security failures, and third-party liabilities for privacy violations or intellectual property infringement.

What are the key benefits of Cyber Security Insurance?

The main benefits include financial protection from cyber incidents, coverage for business interruption and data restoration costs, legal defense for third-party claims, regulatory compliance support, and reputational management services after an attack.

What is the difference between first-party and third-party cyber coverage?

First-party coverage protects the insured business from direct financial losses, such as data restoration, business interruption, and extortion costs. Third-party coverage protects the business from liabilities resulting from lawsuits or claims filed by customers, partners, or regulators affected by the cyber incident.

How do I choose the right Cyber Security Insurance policy?

To choose the right policy, assess your business’s specific cyber risks, such as the volume and sensitivity of data you handle, your reliance on digital systems, and your exposure to third-party vendors. Compare policy coverages, exclusions, and limits, and ensure it includes both first-party and third-party protection tailored to your industry.

What does Cyber Security Insurance cover?

Cyber Security Insurance typically covers data breaches, ransomware attacks, cyber extortion, business interruption, legal defense costs, regulatory fines, and third-party claims related to privacy violations or intellectual property infringement. It also covers expenses like IT forensics, public relations, and crisis management services.

Does Cyber Security Insurance cover data breaches?

Yes, data breaches are a key component of Cyber Security Insurance. The policy typically covers the costs of investigating the breach, notifying affected individuals, restoring data, legal expenses, and any resulting regulatory fines or third-party claims.

What is covered under business interruption in Cyber Security Insurance?

Business interruption coverage compensates a company for income lost during the downtime caused by a cyber incident. It covers the costs associated with operational delays, loss of profits, and expenses incurred while restoring normal business functions after an attack.

Does Cyber Security Insurance cover ransomware attacks?

Yes, most Cyber Security Insurance policies cover ransomware attacks. The policy can pay for the ransom (where legally permissible), data restoration costs, business interruption, and expenses related to negotiating with cybercriminals and working with law enforcement.

Will Cyber Security Insurance cover regulatory fines and penalties?

Cyber Security Insurance may cover regulatory fines and penalties related to data protection breaches, depending on the jurisdiction and local laws. Coverage for these fines is often available as an add-on, particularly in regions with stringent data privacy laws like GDPR.

Does Cyber Security Insurance cover legal fees for third-party claims?

Yes, third-party liability coverage includes legal defense costs if a company is sued by customers, clients, or partners for failing to protect sensitive data. It also covers settlements or court-ordered damages resulting from such lawsuits.

Are social engineering and phishing attacks covered under Cyber Security Insurance?

Social engineering and phishing attacks are often covered under Cyber Security Insurance, but they may require specific add-ons. Coverage typically includes financial losses from fraudulent transactions or data theft caused by employee manipulation through phishing scams.

What is cyber extortion coverage?

Cyber extortion coverage protects businesses against threats of cyber attacks, such as ransomware. The policy covers the costs of negotiations, legal counsel, and, where permitted, ransom payments. It also covers expenses incurred to prevent the extortion from materializing.

Can Cyber Security Insurance cover the costs of restoring lost data?

Yes, most policies include coverage for data restoration. This includes costs to recover, restore, or replace data that was corrupted, deleted, or compromised during a cyber attack.

Are there limits to how much Cyber Security Insurance will pay out?

Yes, Cyber Security Insurance policies have limits, which define the maximum amount the insurer will pay for a covered claim. The limit of indemnity is determined by factors such as the size of the business, its risk profile, and the selected coverage options.

What are the optional add-ons available in Cyber Security Insurance?

Common add-ons include reputational harm coverage, social engineering fraud coverage, third-party vendor risk coverage, business interruption extensions, cyber extortion, and coverage for intellectual property infringement. These add-ons enhance the policy to cover more specific risks.

What is reputational harm coverage in Cyber Security Insurance?

Reputational harm coverage helps manage the fallout from a cyber attack by covering costs related to public relations, media communication, and efforts to restore the company’s image. This can be crucial for businesses that rely heavily on their reputation and customer trust.

What is third-party vendor risk coverage?

Third-party vendor risk coverage protects businesses when their third-party service providers or vendors experience a cyber breach that impacts the insured business. It covers legal claims, business interruption, and costs incurred from a vendor’s cybersecurity failure.

Does Cyber Security Insurance cover crisis management and PR services?

Yes, most policies include coverage for crisis management services. This involves hiring public relations consultants to handle media communications and manage the reputational damage resulting from a cyber attack.

How does digital asset restoration coverage work?

Digital asset restoration coverage pays for the cost of restoring or recovering digital assets (such as databases, software, and intellectual property) that were damaged or lost due to a cyber attack. It often includes forensic IT services to recover data.

What is system failure coverage in Cyber Security Insurance?

System failure coverage protects businesses from losses caused by system outages or failures that are not directly caused by a cyber attack. This may include software errors, hardware malfunctions, or power outages that lead to business interruptions.

Are smart devices covered under Cyber Security Insurance?

Yes, smart devices, especially those connected via the Internet of Things (IoT), can be covered. This protection includes the cost of repairing or replacing smart devices compromised during a cyber attack.

What is emergency cost coverage in Cyber Security Insurance?

Emergency cost coverage allows the insured to take immediate action following a cyber incident, such as hiring IT experts or legal counsel, without prior approval from the insurer. These emergency expenses are later reimbursed by the policy.

Does Cyber Security Insurance cover intellectual property infringement claims?

Some policies offer optional coverage for intellectual property infringement. This includes claims related to unauthorized use or theft of copyrighted materials, patents, or trademarks during a cyber attack.

What is social media liability coverage?

Social media liability coverage protects businesses from lawsuits related to defamation, privacy violations, or intellectual property infringement that arise from the use of social media platforms. This is especially important for companies that have a strong online presence.

What are the common exclusions in Cyber Security Insurance?

Common exclusions include prior known incidents, intentional misconduct, physical damage to hardware, bodily injury, fines from illegal activities, war or terrorism-related losses, and failure to maintain adequate cybersecurity measures as required by the policy.

Does Cyber Security Insurance cover pre-existing cyber incidents?

No, pre-existing incidents that occurred before the start of the policy or were known to the insured before the policy began are generally excluded from coverage.

Will intentional cyber misconduct be covered?

No, intentional misconduct, such as cybercrime or fraud committed by the insured or its employees, is typically excluded from coverage under Cyber Security Insurance policies.

Is physical damage to hardware covered under Cyber Security Insurance?

No, Cyber Security Insurance generally covers only digital and financial losses, not physical damage to hardware. Physical damage is typically covered under property or equipment insurance policies.

Are cyber incidents caused by employees covered?

Cyber incidents caused by accidental employee actions, such as mistakes leading to data breaches or unintentional disclosure of information, are typically covered. However, intentional misconduct by employees is excluded.

Does Cyber Security Insurance cover losses due to war or terrorism?

Most policies exclude losses due to war, acts of terrorism, or military actions. However, some insurers offer separate coverage for cyber terrorism as an add-on.

What happens if I fail to meet the insurer’s security requirements?

Failing to meet the insurer’s required cybersecurity standards, such as maintaining firewalls, encryption, or regular updates, can result in claim denial. Insurers expect businesses to maintain minimum security measures.

Are third-party professional liabilities covered?

Third-party professional liabilities are usually not covered unless they directly relate to a cyber incident. Separate professional liability or errors & omissions insurance may be needed for such risks.

Are fines due to non-compliance with industry standards covered?

Some policies may cover fines and penalties for non-compliance with data protection regulations, depending on the jurisdiction. However, this is often an optional add-on, and coverage for regulatory fines is not always included.

Does Cyber Security Insurance cover fraudulent transactions?

Yes, Cyber Security Insurance often covers fraudulent transactions resulting from social engineering, phishing, or other cyber scams. This can include compensation for financial losses due to unauthorized access to accounts.

How do I file a claim under Cyber Security Insurance?

To file a claim, you must notify your insurer immediately after discovering the cyber incident. Provide details of the incident, including the nature of the breach, affected systems, and potential losses. The insurer will guide you through submitting necessary documentation and processing the claim.

What documentation is required to file a cyber insurance claim?

Required documentation typically includes forensic reports, proof of the cyber attack, records of business interruption or losses, legal notices (if applicable), and evidence of compliance with security measures. The insurer may also ask for IT logs, invoices, and incident response documentation.

How long does it take to process a claim?

The time frame varies depending on the complexity of the cyber incident. Simple claims may be processed in a few weeks, while complex cases involving legal issues or extensive financial losses may take months. The insurer usually provides a timeline for claim resolution.

What is the role of an incident response team in the claims process?

An incident response team assists in containing the cyber incident, conducting forensic investigations, and preventing further damage. Insurers often provide access to such teams to help mitigate the impact of the breach, restore systems, and assist with the claims process.

Does Cyber Security Insurance cover forensic investigation costs?

Yes, most policies cover the costs of forensic investigations to determine the cause, scope, and impact of a cyber attack. This is a crucial step in understanding how the breach occurred and preventing future incidents.

How are ransom payments handled in a claim?

If ransomware payments are covered by the policy (and legally permissible), the insurer may reimburse the payment after a detailed evaluation. However, insurers may require the business to coordinate with law enforcement before making any payments.

Can I get coverage for emergency costs even without prior approval?

Yes, some policies allow businesses to incur emergency costs without prior approval from the insurer, especially when immediate action is needed to contain the damage. These costs, such as hiring IT experts or legal counsel, are reimbursed after the event.

What is the claims investigation process under Cyber Security Insurance?

The insurer will conduct an investigation to assess the cause, extent, and financial impact of the incident. This involves reviewing forensic reports, assessing business interruption losses, and determining whether the claim meets the policy’s terms and conditions.

How does the deductible work in a Cyber Security Insurance claim?

The deductible is the amount the insured must pay out of pocket before the insurer’s coverage begins. For example, if your deductible is ₹5 lakh and your claim is for ₹20 lakh, the insurer will cover ₹15 lakh, after you’ve paid the deductible.

What are subrogation rights in Cyber Security Insurance claims?

Subrogation rights allow the insurer to recover costs from third parties responsible for the cyber incident. For instance, if a vendor’s negligence led to the breach, the insurer may pursue legal action against the vendor to recover the amount paid for the claim.

How is the limit of indemnity determined?

The limit of indemnity is determined by assessing the company’s cyber risk exposure, including the volume of data handled, the industry, the size of the company, and its revenue. Higher risk profiles require higher limits to ensure adequate coverage for potential losses.

What factors influence the sum insured in Cyber Security Insurance?

Factors influencing the sum insured include the size of the business, the type of data handled (e.g., financial or healthcare data), the company’s geographic scope, past cyber incidents, and the complexity of its digital infrastructure. Companies with greater risk exposure require higher coverage.

Can the policy limit be adjusted after a cyber incident?

No, the policy limit is typically fixed for the policy term. If additional coverage is needed, it can be adjusted upon renewal. However, if a company’s risk profile changes during the term, insurers may allow adjustments mid-term, subject to underwriting approval.

Are there sub-limits within Cyber Security Insurance policies?

Yes, many policies have sub-limits for specific coverages such as ransomware payments, business interruption, or third-party liabilities. These sub-limits define the maximum amount the insurer will pay for particular claims, which may be less than the overall policy limit.

How does the business interruption coverage limit work?

Business interruption coverage compensates for lost revenue during downtime caused by a cyber incident. The coverage limit typically depends on the company’s revenue, and it usually includes compensation for extra expenses incurred during the recovery period.

What is the difference between aggregate limits and per-incident limits?

An aggregate limit is the total amount the insurer will pay for all claims during the policy period, while a per-incident limit applies to individual claims. If a company has multiple incidents, the aggregate limit caps the total payout for the year.

What is the retroactive date in Cyber Security Insurance?

The retroactive date is the date from which the insurer agrees to cover claims. Incidents occurring before this date are not covered. This is important for businesses switching policies or starting coverage after previously being uninsured.

Can I increase my coverage mid-term?

In most cases, you can increase your coverage mid-term, but it requires approval from the insurer, and premium adjustments may apply. Mid-term increases are common if a business expands or its risk exposure significantly changes.

What happens if the cyber incident costs exceed the policy limit?

If the costs exceed the policy limit, the insured will be responsible for covering any excess losses. This is why it’s important to choose an adequate limit of indemnity that reflects the company’s potential risks and exposure.

How do I determine the right policy limit for my business?

To determine the right policy limit, assess your business’s risk exposure, including the volume and sensitivity of data, potential business interruption losses, third-party liabilities, and regulatory risks. Consult with your insurer or broker to ensure the policy limit matches your needs.

Do insurers require businesses to have specific cybersecurity measures in place?

Yes, insurers often require businesses to implement minimum cybersecurity standards, such as firewalls, encryption, multi-factor authentication, and regular software updates. Failure to meet these standards may result in claim denial or higher premiums.

How does the insurer assess my company’s cyber risk?

Insurers assess your company’s cyber risk by evaluating factors like the type and volume of data handled, your industry, your existing cybersecurity measures, past incidents, and your business’s reliance on digital infrastructure. Cybersecurity audits may also be required before finalizing coverage.

What is the role of cybersecurity assessments in determining policy terms?

Cybersecurity assessments help insurers evaluate the strength of your existing defenses and identify vulnerabilities. The results of these assessments influence the policy terms, including coverage limits, exclusions, and premiums.

Do insurers provide cybersecurity resources or support to policyholders?

Many insurers offer cybersecurity resources to their policyholders, such as access to incident response teams, legal advisors, and IT consultants. Some also provide preventive services like cybersecurity training and regular vulnerability assessments.

Will I be penalized for not following cybersecurity best practices?

Yes, if your company fails to follow agreed-upon cybersecurity best practices, the insurer may deny claims or reduce coverage. Adhering to minimum cybersecurity requirements is typically a condition of coverage.

Can poor cybersecurity practices lead to claim denial?

Yes, if a cyber incident occurs because of poor cybersecurity practices, such as failing to update software or using weak passwords, the insurer may deny the claim. This is why meeting the insurer’s minimum security standards is crucial.

What is the minimum level of security required to qualify for coverage?

The minimum security requirements vary by insurer but typically include strong passwords, encryption, firewalls, regular backups, anti-virus software, and an incident response plan. Each insurer will specify the standards that must be met for coverage.

How can I improve my cybersecurity to lower premiums?

Implementing strong cybersecurity measures like multi-factor authentication, regular employee training, encrypted communications, and cybersecurity audits can reduce your company’s risk profile, which may lead to lower premiums.

Will regular cybersecurity audits affect my insurance policy?

Yes, regular audits can help identify weaknesses in your security and allow you to address them before a cyber incident occurs. Demonstrating strong cybersecurity measures may result in lower premiums or better coverage terms.

How do cyber insurance companies define a security failure?

A security failure is typically defined as a breakdown or breach of the insured’s digital defenses, such as firewalls, encryption, or access controls, that results in unauthorized access to systems or data.

What is an incident response plan?

An incident response plan is a structured approach to handling cyber incidents, outlining the steps to detect, contain, investigate, and recover from an attack. It includes coordination with internal teams and external partners like cybersecurity experts and law enforcement.

Does Cyber Security Insurance cover the costs of implementing an incident response plan?

Yes, many policies cover the costs associated with executing an incident response plan during a cyber attack, including hiring IT consultants, legal experts, and public relations specialists to manage the crisis.

How does an incident response team help during a cyber event?

An incident response team assists in mitigating the damage of a cyber attack by containing the breach, conducting forensic investigations, restoring systems, and ensuring compliance with regulatory requirements. They work to minimize operational disruptions and financial losses.

Is there a time limit for reporting a cyber incident to the insurer?

Yes, most policies require you to report a cyber incident within a specific time frame, often within 24 to 72 hours of discovering the breach. Failure to report within the required time can result in claim denial.

Will Cyber Security Insurance cover the cost of notifying affected customers?

Yes, most policies include coverage for the costs of notifying affected customers, particularly in the event of a data breach. This may also include providing credit monitoring services and handling customer inquiries.

Can the insurer provide assistance with law enforcement coordination?

Yes, insurers often assist businesses in coordinating with law enforcement, especially in cases of cyber extortion or ransomware attacks. This ensures compliance with legal requirements and helps with the investigation of the incident.

How do I notify the insurer of a potential cyber incident?

You can notify your insurer by contacting your insurance representative, using the insurer’s online portal, or calling their emergency hotline. Prompt notification is essential for ensuring coverage and starting the claims process.

What happens if I don’t notify the insurer in time?

Failing to notify the insurer within the required timeframe may result in denial of the claim. It’s important to report any potential cyber incidents as soon as they are discovered to avoid coverage issues.

Does the insurer cover the cost of notifying regulatory authorities?

Yes, many policies cover the cost of notifying regulatory authorities, especially when required by law after a data breach. This includes legal fees associated with regulatory compliance and managing investigations.

How are third-party vendors involved in the incident response process?

Third-party vendors that provide IT or cloud services may be involved in the incident response process, especially if they were responsible for the breach. Cyber Security Insurance may cover costs related to investigating and rectifying issues caused by third-party vendors.

How are Cyber Security Insurance premiums calculated?

Premiums are calculated based on factors such as the size of your business, the type of data handled, your industry, revenue, existing cybersecurity measures, and past claims history. Companies with higher risk profiles will have higher premiums.

What factors influence the cost of a Cyber Security Insurance policy?

Factors that influence the cost include the company’s size, revenue, industry, level of risk, existing cybersecurity practices, geographical location, and claims history. High-risk industries or businesses with weak cybersecurity measures will pay more.

Can I get a discount for strong cybersecurity practices?

Yes, insurers often provide discounts for businesses that implement strong cybersecurity practices, such as multi-factor authentication, regular backups, and employee cybersecurity training. These measures reduce the likelihood of an incident.

Do past claims affect the premium?

Yes, a history of cyber insurance claims can increase your premiums. Insurers view businesses with past claims as higher-risk and may charge more for coverage or adjust policy terms.

Will my premium increase if I file a claim?

It’s possible that filing a claim may result in higher premiums at renewal. Insurers may reassess your risk profile after a claim, especially if the incident highlights weaknesses in your cybersecurity practices.

Can I bundle Cyber Security Insurance with other policies for savings?

Yes, many insurers offer discounts for bundling Cyber Security Insurance with other policies, such as General Liability or Professional Indemnity Insurance. Bundling can provide comprehensive coverage at a lower overall cost.

How can I reduce the cost of my Cyber Security Insurance policy?

You can reduce the cost by improving your cybersecurity measures, maintaining regular audits, implementing incident response plans, training employees, and ensuring compliance with security standards. Some insurers also offer discounts for bundled policies.

Are there different premium rates for high-risk industries?

Yes, industries that handle highly sensitive data, such as healthcare, finance, and e-commerce, typically face higher premiums due to the increased risk of cyber attacks and regulatory scrutiny.

Does the cost of Cyber Security Insurance vary based on my company’s revenue?

Yes, companies with higher revenues generally have higher premiums, as their potential financial losses from cyber incidents are greater. Revenue is a key factor in determining the policy’s limit of indemnity and premium.

What payment options are available for Cyber Security Insurance premiums?

Most insurers offer flexible payment options, including annual, semi-annual, or quarterly payments. Some insurers also provide installment plans to spread out the cost over the policy term.

What legal liabilities are covered under Cyber Security Insurance?

Legal liabilities covered include third-party claims for privacy violations, data breaches, intellectual property infringement, and defamation. The policy typically covers legal defense costs, settlements, and court judgments.

Does Cyber Security Insurance cover regulatory fines in all jurisdictions?

Coverage for regulatory fines varies by jurisdiction. In some regions, such as the EU under GDPR, fines may be covered if the policy includes specific regulatory coverage. Always check local laws and policy terms to confirm coverage.

What role do data protection laws play in Cyber Security Insurance coverage?

Data protection laws, such as GDPR and CCPA, influence the scope of Cyber Security Insurance coverage, especially in terms of liability for data breaches and regulatory compliance. Insurers often provide coverage for legal defense and fines related to non-compliance with these laws.

Can Cyber Security Insurance protect against GDPR violations?

Yes, many Cyber Security Insurance policies provide coverage for legal expenses, regulatory fines (where permissible), and other costs associated with GDPR violations. However, some fines may not be covered, depending on local regulations.

How does Cyber Security Insurance help in complying with local cyber laws?

Cyber Security Insurance helps businesses comply with local cyber laws by providing resources for legal defense, covering regulatory fines, and offering support for incident response and breach notification. It ensures that businesses can meet legal obligations in the event of a breach.

Will the policy cover penalties for delayed breach reporting?

In most cases, if the delay in breach reporting was accidental or due to the complexities of the cyber attack, the policy may cover penalties. However, intentional delays or negligence may result in exclusions.

Are cross-border cyber incidents covered under Cyber Security Insurance?

Yes, many Cyber Security Insurance policies cover cross-border incidents, especially for businesses with global operations. Coverage includes third-party liabilities, regulatory fines, and legal defense across multiple jurisdictions.

How does Cyber Security Insurance protect against third-party lawsuits?

Third-party liability coverage protects businesses from lawsuits filed by clients, partners, or vendors affected by a cyber incident. This includes coverage for legal defense costs, settlements, and any damages awarded by the court.

What is the insurer’s role in handling regulatory investigations?

The insurer assists businesses in navigating regulatory investigations by providing legal support, covering defense costs, and coordinating with authorities to ensure compliance. This helps businesses avoid costly penalties and legal challenges.

How can Cyber Security Insurance help protect against future regulatory changes?

Many insurers offer ongoing risk assessments and updates to policyholders, helping businesses stay compliant with emerging cyber regulations. Insurance policies can also be updated to reflect new legal requirements and offer continued protection.

What is hacker theft coverage in Cyber Security Insurance?

Hacker theft coverage compensates the insured for IT theft loss resulting from unauthorized access or hacking incidents. This type of coverage ensures businesses can recover from financial losses incurred due to cybercriminal activities targeting their systems.

Does Cyber Security Insurance cover IT extortion costs?

Yes, most policies cover cyber extortion costs, which include expenses for negotiating with cybercriminals and, if permitted, paying the ransom. Additionally, policies may require the involvement of a security consultant and law enforcement to manage these threats effectively.

What is the purpose of crisis communication coverage?

Crisis communication coverage is designed to help businesses manage negative publicity following a cyber incident. It covers public relations expenses necessary to mitigate the impact on the company’s reputation after a data breach or cyber attack.

Can Cyber Security Insurance cover penalties from Payment Card Industry (PCI) non-compliance?

Yes, certain policies offer coverage for fines or penalties imposed by e-payment service providers for non-compliance with PCI Data Security Standards. This includes defense costs if the insured is sued by the provider.

Does Cyber Security Insurance include business interruption coverage due to system outages?

Business interruption coverage applies when a company’s systems are down due to a cyber incident. This includes the loss of income during the interruption period and restoration costs necessary to resume business operations.

What is the Discovery Period in Cyber Security Insurance?

The discovery period is an extension after the policy ends, allowing claims to be reported if the incident occurred during the coverage period. Policies typically include an automatic 60-day discovery period with an option for an extension, depending on the insurer.

Are consulting fees covered for investigating a potential cyber attack?

Some Cyber Security Insurance policies cover consultant fees to assess the extent and source of a cyber attack. This also includes the costs incurred to determine potential losses and implement mitigation measures.

Does Cyber Security Insurance provide coverage for new subsidiaries?

Newly acquired or created subsidiaries are often automatically covered under Cyber Security Insurance, provided they meet certain conditions, such as not exceeding a specified percentage of the parent company’s turnover or engaging in excluded activities like financial institutions or IT services.

What is hacker theft loss?

Hacker theft loss refers to financial losses incurred when hackers steal sensitive data or funds through unauthorized access to the company’s IT systems. Cyber Security Insurance can cover these losses to prevent business disruptions.

What happens if my subsidiary ceases operations or is sold?

Cyber Security Insurance policies usually exclude coverage for claims against subsidiaries after they are sold or cease operations unless specifically stated otherwise.