6 Things To Know About Cyber Liability Insurance

Are you covered? Here are 6 things to know about cyber liability insurance (also known as data breach insurance):

1. Coverage is still evolving. Over 60 insurance companies – maybe more – offered such a policy; however, to date, policy forms have not been standardized as compared to other insurance types where ISO has created, and insurers have largely adopted, standard forms. Every cyber policy is at least a little different and requires individualized review.
2. Coverage can depend on whether the breach was to a client's information or the company's (and employee's) information. While generally, cyber policies provide coverage for various types of harm related to information misuse/theft usually regardless of format (e.g., electronic or paper), many policies make distinctions between third party liability (e.g., a third party making a claim against the insured) and first party liability (losses the insured experiences including from employee claims) of various