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Cyber Insurance Overview
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First Party Coverage
First party coverage in cyber insurance refers to the protection against the direct losses that an organization incurs due to a cyber event.
Third Party Coverage
Third party coverage offers protection against claims by other parties that have been affected by a cyber event for which the policyholder is held responsible.
Cyber Extortion
Cyber extortion coverage protects a business from losses related to threats of intentional disruption or damage, such as ransomware attacks.
Data Breach Response
Data breach response coverage assists with the expenses related to managing and mitigating a data breach, such as notification costs and credit monitoring services.
Business Interruption Losses
This coverage compensates for the income lost and additional expenses incurred when business operations are disrupted due to a cyber event.
Network Security Liability
Network security liability protects against legal claims due to failing to prevent security breaches that result in damage to third party systems or data.
Regulatory Defence Expenses
Coverage for expenses associated with legal proceedings and fines imposed by regulatory bodies following a cyber-related regulation violation.
Cyber Terrorism
Cyber terrorism coverage offers protection against damages resulting from attacks on networks or data by politically motivated groups.
Technology E&O (Errors and Omissions)
Technology E&O covers claims of negligence or insufficient service from technology services or products provided by the insured entity.
Reputational Harm Coverage
This coverage addresses financial losses resulting from damage to a company's reputation due to a cyber event.
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