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Coverage topic 06

Cyber insurance.
Think about your digital dependencies.

Customer information, online transactions and connected systems can be essential to your business. Put those dependencies into the conversation.

What is cyber insurance?

Cyber insurance can address specified losses and liabilities associated with security or privacy incidents. Policies are not all the same: covered events, response services, exclusions and conditions vary.

A useful discussion considers both the information you hold and the systems or outside providers your operations rely on.

Questions worth asking

  • What information does your business collect, store or share?
  • Which first-party costs and third-party claims are covered?
  • What incident-response services and notification requirements apply?
  • How are interruption, payment fraud or dependent providers addressed?
  • What security controls, sublimits, waiting periods and exclusions matter?

Bring the operating context

Prepare a high-level description of your systems, data, access controls, backups and major technology providers. Do not send credentials, customer databases or incident evidence in a general consultation email.

Insurance does not replace sound security practices or an incident-response plan. Do not assume that every attack, outage, fraud or payment is covered. An active incident should be reported through the appropriate insurer or response channel promptly.

Related topics

Professional liability · Technology businesses · Business resources

Further reading: NAIC — Cybersecurity and Business Insurance Questions (external). This is general educational information, not a coverage determination.

Connect the operational dots.

Explore other coverage topics alongside cyber risk.

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