Ideally, most businesses would purchase cyber insurance coverage. This coverage can protect your company from the costs associated with data breaches, ransomware attacks, and other potential avenues of liability resulting from your cyber systems. However, as more and more companies move their operations to the cloud, significant questions arise as to how this impacts a company’s risks, exposures, and insurance.
Cyber insurance policies typically cover a range of damages that can be caused by a system breach. These expenses range from notification and defense costs to business interruption and data loss coverage, as well as a host of other types of damages. Because cyber insurance is not yet standardized, though, the types of damages that are covered can vary significantly from policy to policy- and from carrier to carrier.