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You are viewing ARCHIVED CONTENT released online between 1 April 2010 and 24 August 2018 or content that has been selectively archived and is no longer active. Content in this archive is NOT UPDATED, and links may not function.By Judy Selby
Cyberinsurance can provide much-needed tactical and financial support for companies confronted with a security incident. Generally speaking, the cyberpolicy’s first-party coverage applies to costs incurred by the insured when responding to a covered cyber event, while third-party coverage is triggered by claims and demands against the insured arising from a covered incident.
First-party coverage usually can be triggered by a variety of events, including the malicious destruction of data, accidental damage to data, power surges, IT system failure, cyberextortion, viruses and malware. Generally available first-party coverages include legal and forensic services to determine whether a breach occurred and, if so, to assist with regulatory compliance, costs to notify affected employees and/or third parties, network and business interruption costs, damage to digital data, repair of the insured’s reputation, and payment of ransom costs.