There are two main Cyber Insurance policy types to consider when it comes to protecting your business from cyber crime.

Cyber Crime Insurance (or Cyber Crime Policy Extension)

A typical Cyber Crime Policy will provide cover for:

• Theft of Money due to a Cyber Crime event, for example, social engineering fraud, phreaking, phishing, or other forms of cyber fraud involving loss of money.
• Limits available are generally up to $250,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.

Cyber Liability and Privacy Protection Insurance

A typical Cyber Liability and Privacy Protection Insurance policy will provide cover for:

• First Party (own) costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer’s policy wording.
• Fines and penalties incurred as a result of a Cyber event, or breach of Privacy, as defined by the Insurer’s policy wording.
• Business Interruption/Consequential Loss (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer’s policy wording.
• Third Party costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer’s policy wording.
• Limits available are generally up to $10,000,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.