What is a Cyber Insurance Policy?

A cyber insurance policy covers your business for expenses and liability in the event of a data breach involving sensitive personal information, which is not usually covered by a general liability policy. This can also include cyber attacks on your data held by third-parties. Getting a cyber insurance policy with Oyster includes additional benefits as well, some of which include getting a highly competitive rate, coverage tailored to your business needs, and an online application and servicing experience.

What does it cover?

Liability and legal fees

Covers expenses related to claims and settlements resulting from a cyber incident, defamation, copyright infringement, and other litigation costs.

Replacement and recovery

Covers expenses to replace and recover lost data in the event of a breach.

Crisis management and PR

Provides assistance in notifying affected parties, managing public relations, and more.

Cyber extortion and fraud

Provides assistance in resolving extortion and fraud online, such as phishing attacks and ransomware.

Forensic services

Provides resources and services to understand the cause and extent of cyber breaches.

Who needs a Cyber Insurance policy?

Businesses that store information digitally, whether directly or indirectly, or work with partners that handle data on their behalf should generally have cyber insurance to protect themselves from potentially expensive cybersecurity incidents. Businesses that have valuable digital assets should also have cyber insurance to protect themselves from potentially expensive ransoms, or risk critical interruption to their operations.

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