Cyber insurance enables businesses to mitigate their exposure in the event of a data breach, hack or other cyber-related security threat.
Cyber insurance can cover first and third-party losses:
first-party cover indemnifies the insured in respect of the costs of responding to a breach or an attack. This may include the costs of forensic investigation to determine what has occurred and legal advice as regards compliance with its legal and regulatory obligations
some cyber policies may provide cover for business interruption losses and PR services to mitigate damage to the insured’s reputation
third-party losses include damage to others as a result...
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