When looking to transfer technology risks, your cyber insurance should have 1st party and 3rd party coverages along with other include coverages based on the industry you belong to. Insurance companies are constantly studying and updating the ever-changing cyber coverages based on claims and technology growth.
Let’s look at what are the major 3rd party cyber liability coverages look like….
These are CLAIMS MADE LIABILITY COVERAGES:
You want to ensure you have:
Enterprise Security Event Liability Coverage The insured is sued because of data theft, loss, disclosure, viruses or malware, and unauthorized access or denied access to systems. This is the old standard for cyber. If you are sued for monetary or non-monetary damages because of a cyber breach, you will be covered.
Privacy Regulation Liability Coverage The insured faces any action by a regulatory body for a cyber event. This can be federal, state, local, or foreign (i.e. GDPR) and will cover court fees, fines, penalties, and claims expenses.Â