What cyber insurance covers
- Incident response costs and restoration of systems and data
- Business interruption caused by a cyber incident, depending on the programme
- Personal data breaches and the obligation to notify customers and authorities
- Liability to third parties for data breaches, depending on the programme
- Extortion (ransomware), depending on the programme and its terms
Who needs it
Every business that uses computers, email, an online shop or stores customer data. Small and medium-sized businesses are frequent targets, because they usually have fewer security measures.
Before you insure
- Insurers usually ask about your security measures, such as backups, password policies and two-factor authentication.
- Check whether business interruption is covered and for how long.
- Insurance does not replace security measures. It complements them.
Covers, limits and exclusions are always defined by the terms of the insurer’s policy.
