Cyber Liability Insurance typically includes coverage for
legal costs and damages related to the following coverage
areas:
-
Incident Response Cost: Coverage for the cost of access to a
24/7 cyber incident response hotline and a dedicated team to
assist you in coordinating an incident response following a
cybercrime.
-
Legal, Forensic, and Breach Management Costs: Coverage for
legal advice, notification fees, crisis management services,
and credit monitoring.
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System Damage and Restoration Costs: Repairs and restoration
of the software systems damaged due to the cyber event.
-
Social Engineering (optional coverage): Coverage should an
employee be tricked into providing access to a system or
sending funds to a fraudulent bank account
Cybercrime Insurance can be purchased in addition to Cyber
Liability Insurance to provide coverage for loss of funds due
to cybercrime, including phishing, hacking, or social
engineering fraud. This policy includes coverage for
notification costs, data restoration, and legal expenses.