Cyber insurance

One doesn’t need to ask a Magic 8 Ball whether cybersecurity is a major risk facing businesses today. The answer is obvious: “It is decidedly so.” In addition to having good cybersecurity practices in place (hint: memorialized in written policies with regular and meaningful training), it is likewise important to have adequate cyber insurance in the event of a cyberattack or data breach. While this seems rather obvious, you may not be certain what those policies specifically cover.

As a general matter, first-party cyber insurance typically covers direct damages incurred following a cyber event, such as costs of recovering lost or damaged data, notifying members of the event, providing credit monitoring services and business income loss. Third-party cyber insurance, on the other hand, typically covers legal defense costs, settlements and judgments, and regulatory fines and penalties that may result from such an event.

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