We all understand in today’s world that cybersecurity is a mandatory action we take to protect our business from financial ruin.
But…what does cyber insurance cover?
Cybersecurity insurance covers first-party risks that refer to the policyholders’ losses. A cyber breach can cause business interruption leading to loss of revenue system and operational damage and cyber incident response costs.
Third-party risks are also covered in cyber liability insurance, which covers the cost and losses associated with any disputes or claims a business may encounter by their customers or other third parties, following a cyberattack.