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Types of Cyber Insurance Coverage

When considering cyber insurance for your payment gateways, it's essential to understand the various types of coverage available:

• Data Breach Coverage: This covers the costs associated with notifying affected parties, credit monitoring for customers, and public relations efforts to repair your company's image.
• Business Interruption Coverage: If a cyber incident disrupts your operations, this coverage compensates for lost income and extra expenses incurred to restore normal business functions.
• Cyber Extortion Coverage: This protects your business from ransomware attacks, covering ransom payments and the costs of dealing with extortion threats.
• Network Security Liability: This covers legal expenses and damages if your company is found liable for failing to prevent a cyberattack that affects third parties.