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What is Cyber Insurance?

Insurance used to protect individuals or entities from cyber risks. Typically from risks relating to information technology infrastructure and activities. Risks of this nature are often not covered by traditional commercial general liability policies and usually not defined in traditional insurance products.

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Interesting things to Know

A cyber insurance policy, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is designed to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event. With its roots in errors and omissions (E&O) insurance, cyber insurance began catching on in 2005, with the total value of premiums forecasted to reach $7.5 billion by 2020. According to PwC, about one-third of U.S. companies currently purchase some type of cyber insurance. - cio.com

Many homeowners’ insurance policies include identity-theft coverage, which typically includes access to credit monitoring and a case manager who can help victims clean up the mess. But some companies are taking consumer cyberprotection a step further, offering home-security audits and checking whether computer systems are hack-proof. The pitch is that individuals with investments and sensitive data they access on home and mobile systems may be more vulnerable than they think. - wsj.com

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