What It Is and Why Your Company May Need It.
Cyber policies cover a business’ liability for a data breach in which the firm’s customers’ personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker or other criminal who has gained access to the firm’s electronic network.
Cyber policies cover a variety of expenses associated with data breaches, including:
Loss of Digital Assets: Loss resulting from damage to or corruption of your electronic data and computer programs.
Non-Physical Business Interruption and Extra Expense: Income reimbursement during the period of restoration of the insured’s computer system.
Security Event Costs: Customer notification, regulatory fines and penalties, and public relations expenses.
Cyber Extortion Threat: Reimbursement for extortion expenses resulting directly from a credible threat to your computer system.
Cyber Terrorism: Reimbursement for income loss, interruption, and special expenses directly as a result of an interruption or failure of the insured’s computer system caused by an act of terrorism.
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