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Modern cyber policies provide coverage against a vast array of digital hazards. As hackers change tactics, insurance companies are forced to evolve in order to make sure insureds are protected against emerging risks.
Although cyber criminals seem to be one step ahead of the authorities, leading cyber insurance companies are doing a good job of creating broad and forward thinking policies that protect a client in the event of a cyberattack.
Here, Insurance Business looks at three of the critical components of a modern cyber policy.
This part of the policy offers coverage for lost revenue incurred as a direct result of an adverse media report or notification to affected individuals following a security breach or privacy breach.
“Coverage also extends to business income loss and interruption expenses incurred because of a total or partial interruption of an insured computer system directly caused by any of the above events,” Barnett explained. “Dependent Business Interruption is an added enhancement to the network asset protection coverage component that covers a business’s loss of income and interruption expenses incurred as a result of a third party provider’s system going down.”
