Cyber liability insurance protects against liability and property losses that may occur when a business engages in electronic activity including the risks associated with computers and their networks. Most cyber exposures are not covered under traditional insurance policies. A cyber liability policy may cover the following types of claims:
- Breaches, losses or destruction of data including paper files
- Expenses associated with notifying those individuals/companies that may be affected by a breach and the cost of monitoring service
- Loss of revenue and additional expenses incurred as a result of a computer interruption
- Regulatory fines and penalties
- Cyber ransom or extortion demands
- Damages to third party support systems
- Electronic theft
