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Types of Cyber Insurance Coverage
Cyber insurance policies can vary significantly, so it's important to understand the different types of coverage available:
- First-party coverage: This covers direct losses to your business, such as data restoration, loss of income due to business interruption, and costs for notifying affected parties.
- Third-party coverage: This protects against claims made by clients or partners affected by a cyber event, covering legal fees and settlements.
- Network security liability: Covers claims related to unauthorized access or data breaches.
- Privacy liability: Protects against claims arising from the failure to protect sensitive data.