Cyber Liability Insurance typically includes coverage for legal costs and damages related to the following coverage areas:
- Incident Response Cost: Coverage for the cost of access to a 24/7 cyber incident response hotline and a dedicated team to assist you in coordinating an incident response following a cybercrime.
- Legal, Forensic, and Breach Management Costs: Coverage for legal advice, notification fees, crisis management services, and credit monitoring.
- System Damage and Restoration Costs: Repairs and restoration of the software systems damaged due to the cyber event.
- Social Engineering (optional coverage): Coverage should an employee be tricked into providing access to a system or sending funds to a fraudulent bank account
Cybercrime Insurance can be purchased in addition to Cyber Liability Insurance to provide coverage for loss of funds due to cybercrime, including phishing, hacking, or social engineering fraud. This policy includes coverage for notification costs, data restoration, and legal expenses.