CIO.com reported that “Any organization that
stores and maintains customer information or collects online
payment information, or uses the cloud, should consider adding
cyber insurance to its budget.” The May 4, 2019 article
entitled “What is cyber insurance and why you need
it” which included these categories of reimbursable
expenses that cyberinsurance may cover:
Investigation: A forensics
investigation is necessary to determine what occurred, how to
repair damage and how to prevent the same type of breach from
occurring in the future. Investigations may involve the services of
a third-party security firm, as well as coordination with law
enforcement and the FBI.
Business losses: A cyber insurance policy
may include similar items that are covered by an errors &
omissions policy (errors due to negligence and other reasons), as
well as monetary losses experienced by network downtime, business
interruption, data loss recovery and costs involved in managing
