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Cyber Security Insurance
Cyber Security Insurance, also known as cyber liability insurance, is designed to help organizations mitigate the financial risks associated with cyber-related incidents. This type of insurance provides coverage for damages and costs incurred due to data breaches, cyber-attacks, ransomware, or other cyber threats. It typically covers a range of expenses, including legal fees, notification costs to affected customers, data recovery, and system repairs.
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Key Policy Features
What is Cyber Security Insurance?
Cyber security insurance, also known as “cyber risk insurance” or “cyber liability insurance,” protects businesses against losses that are computer or technology related. This could be due to a phishing or ransomware attack, or because a laptop containing sensitive information was lost or stolen.
A+
REVIEWED ON ⭐⭐⭐⭐⭐
12 yr
Proven Track Record
92%
Customer Satisfaction
1.5k+
Policies Issued
3Mins
Average Quote Time
Exclusions in Cyber Security Insurance Coverage
What does Cyber Security Insurance
not cover?
Criminal Proceedings
We won’t cover claims brought in the form of a criminal proceeding, such as a criminal investigation, grand jury proceeding, or criminal action.
Funds Transfer
Other than transfers associated with cyber crime coverage, we won’t cover claims for loss, theft, or transfer of funds, monies, or securities.
Infrastructure Interruption
We won’t cover claims from failure or interruption of water, gas, or electric utility providers.
Intentional Acts
We won’t cover any fraud, dishonesty, criminal conduct, or knowingly wrongful act of the business or its employees.
Prior Acts or Knowledge
We won’t cover any claims you had knowledge of prior to the policy period.
Subsidiary Outside Control of Named Insured
We won’t cover any incident experienced by a subsidiary you do not have majority ownership or management control of.
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Frequently Asked Questions
Can I purchase a standalone cyber security insurance policy?
Yes, you can get a standalone cyber security Insurance policy. Hiscox Insurance allows you to customize your coverage to your specific needs.
What is the difference between cyber security and cyber security insurance?
Cyber security is the practice of defending electronic devices, networks and data from malicious attacks. Cyber security insurance is a policy that covers the costs and liabilities associated with cyber incidents, such as data breaches, ransomware, hacking and more. Cyber security insurance does not protect your data or systems from cyber threats, but it can help you recover financially and legally after an attack.
How much cyber security insurance coverage do I need?
How much cyber coverage you need depends on a variety of factors including your industry, business size, and vulnerabilities. To determine the right amount of coverage for your business and how much it will cost, enter your ZIP code and click ‘Get a Quote’ above.
Can I customize my cyber security insurance policy?
Yes, you can customize your cyber security insurance policy with options specialized for your specific needs.
Can I bundle my cyber security insurance policy with another business insurance policy for a discounted rate?
Yes, you can bundle cyber security insurance with another business insurance policy to receive a discount of up to 5% on your insurance.