The answer to such threats may be cyber-insurance. It comes in many forms and sizes. If your company sells goods or services over the Internet, you may be a good candidate for coverage. Cyber– insurance covers five areas of exposure:
1. First-party liability. Covers the company for loss of access to critical data or the exposure of confidential data or intellectual property.
2. Business interruption. Reimburses the company for loss of income and additional expenses incurred as the result of a cyber-attack.
3. Extortion. Some policies include ransom money you might have to pay to recover valuable information.
4. Crisis Pays for additional expenses incurred to recover from or mitigate losses, including public relations efforts to reassure customers and investors. .
5. Criminal reward. Provides incentive for the apprehension and/or conviction of the cyber-terrorists.
Insurers may want to evaluate existing security measures, and could require upgrades before issuing a policy.
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