Every company is unique technologically, so policies are unique too.

This cyber insurance coverage checklist will help you understand what a cyber insurance policy covers.

Every company is unique technologically. Depending on the company's infrastructure, some companies might need a more comprehensive policy, while others might want a less comprehensive policy. The importance of understanding why the organization needs cyber insurance, as well as what the policy covers, cannot be overstated. This cyber insurance coverage checklist will help you understand what a cyber insurance policy covers.

Forensic Expenses:

The term forensic expenses refer to the costs associated with investigating and eliminating threats. Security breach fees can also include the costs of hiring an IT professional, a forensic accountant, or other professional services. Understanding this is important in knowing what to look for in cyber insurance coverage.

Legal Expenses:

In the event of a data leak, legal expenses include defense and settlement costs.

Notification Expenses:

In the event of a data breach, notification expenses include the costs of notifying customers.

Regulatory Fines and Penalties:

A cyber insurance policy can cover fines and other regulatory fees associated with regulations such as GDPR or PCI DSS.

Credit Monitoring and ID Theft Repair:

The cost of recovering from identity theft is included in credit card monitoring and ID theft repair coverage. Cyber insurance can cover identity theft-related expenses for your customers.

Public Relations Expenses:

In the event of a cyberattack, the costs of hiring a PR firm to handle the crisis and the costs associated with implementing any strategies and recommendations they recommend can be covered by a cyber insurance policy.

Liability and Defense Costs:

Coverage for losses and potential defense costs for network security lawsuits are included in liability and defense costs.

Coverage for Various Types of Cyber Attacks:

Cyber insurance companies pay expenses associated with various types of cyber attacks that can include costs for withstanding attacks, such as ransomware, DDoS attacks, and social engineering campaigns, as well as ransom payments and business interruption losses. Beazley cyber insurance offers policies for various types of cyberattacks.

Data Restoration Coverage:

Costs associated with data restoration include recovering lost data and investigating the cause of a cyberattack or data breach.

Losses in Third-Party Systems:

Cyber insurance should cover potential lawsuits associated with cybersecurity attacks or data breaches that negatively affect a third party. Chubb cyber insurance has policies that cover losses in third-party systems.