Lexology June 6, 2023
As relatively new entrants to the insurance market, cyberliability policies are more variable and tend to have fewer standard terms and conditions than other insurance policies. The differences for each depend on the type of cyber insurance coverage being considered.
Key takeaways
- Seek policies that cover costs for investigation, notification, credit monitoring, ransoms, etc.
- Be sure to understand how much money you would lose in a cyberattack before buying a policy.
- Critical terms such as “loss” and “claim” vary from policy to policy.
- Various traditional policies may cover certain costs of cyberattacks.
Generally, however, cyberliability insurance can be grouped into two categories:
- First-party cyber insurance, which covers the policyholder’s own losses caused by a cyber incident; and ...
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