Cyber Insurance
What problem does it target?
Cyber insurance provides partial recovery of the financial damage caused by cyber incidents, such as data breaches, ransomware, and business interruption.
What does this solution do?
Cyber insurance policies:
- Cover costs related to incident response, legal fees, and regulatory fines
- Provide access to breach response experts and services
- Support business continuity and recovery
- May incentivize improved security practices through underwriting
Who is this for?
- Organizations of all sizes
- Risk management and executive teams
- Enterprises with regulatory or contractual requirements
Who might not benefit from this?
- Organizations with minimal digital assets or exposure
- Teams with alternative risk transfer strategies
Pitfalls and remedies
| Pitfall | Remedy |
|---|---|
| Coverage gaps or exclusions | Review policy terms and work with brokers |
| Delayed claims or disputes | Maintain documentation and incident records |
| Overreliance on insurance | Combine with strong security controls |
Sample products
- AIG CyberEdge
- Chubb Cyber Enterprise Risk Management
- Beazley Breach Response
- AXA XL Cyber Insurance
- Coalition Cyber Insurance