1.Cyber insurance is a contract between an insurer and a company or an individual to protect against losses due to online criminal activities.
2.With the increasing frequency and sophistication of cyber attacks, this has become essential for businesses of all sizes as well as individuals.
3.It covers first-party liabilities that include direct financial losses, business interruption costs, recovery costs, and credit monitoring.
4.It also covers third-party liabilities, including legal liabilities arising from data breaches, defamation, intellectual property rights infringement, and lawsuits.
5. Several insurance companies offer a range of policies for individuals, families, and businesses to protect against cyber threats.
Content courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
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