Cyber liability helps with the cost of a data breach, ransomware attack or fraudulent funds transfer.
What it generally covers
- Response costs such as notification and forensic work
- Ransomware or extortion costs, depending on the policy
- Business interruption from a cyber event
- Funds transfer fraud, when included
Where gaps often hide
- Applications often ask about security controls
- Fraud and social engineering coverage is often sublimited
- Coverage differs widely from policy to policy
Questions worth asking
- Does it cover funds transfer fraud?
- What security controls does the insurer expect?
- What are the sublimits?
General information only. Actual coverage depends on your policy, and coverage is not in force until confirmed in writing by the agency.