Cyber insurance typically covers various expenses associated with cyber incidents, including:
- Data Breach Response: Costs related to notifying affected individuals, providing credit monitoring services, and public relations efforts to manage reputational damage. - Legal Expenses: Legal fees arising from lawsuits or regulatory fines. - Business Interruption: Loss of income due to operational downtime caused by a cyber-attack. - Cyber Extortion: Costs associated with ransomware attacks, including ransom payments and negotiation expenses. - System Damage: Expenses for repairing or restoring damaged IT systems and data.