As cyberattacks become more frequent and costly, it’s crucial for organizations to maximize their financial protection against related losses by purchasing sufficient insurance. Cyber coverage, also known as cyber liability insurance, can help organizations pay for a range of expenses that may result from cyber incidents—including (but not limited to) data breaches, ransomware attacks and phishing scams.
Specific cyber insurance offerings differ between carriers. Furthermore, organizations’ coverage needs may vary based on their particular exposures. In any case, cyber insurance agreements typically fall into two categories:
- First-party coverage
- Third-party coverage
It’s best for policyholders to have a clear understanding of both categories of coverage in order to comprehend the key protections offered by their cyber insurance. This article highlights the value of cyber insurance by outlining common first and third-party coverage offerings. Read the pdf below to read the rest of this article from Ullico.
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