Digital Crime Insurance
Cyber insurance is a sub-category of general insurance that covers organizations and individuals against internet-based liability and risks.
There are generally two stages of cyber liability coverage:
First-Party and Third-Party
- First-Party Coverage covers direct losses to an organization or individual
- Third-Party Coverage extends to claims and legal actions taken by consumers or partners.
Cyber insurance typically covers following but not limited to
- Loss because of cyber-attacks and hacking attacks.
- Criminal or fraudulent cyber event including theft and transfer of money.
- Forensic Investigation that cover the legal, technical or forensic services necessary to assess the attack and impact of attack.
- Business interruption because of cyber event of data loss.
- Cyber defamation and reputation attacks
Covers physical damage to or loss of data, hardware, software or other information damaged as a result of cyber-attack.