In today's digital era, the threat of cyber attacks is a constant concern for businesses. A data breach or hacking incident can lead to substantial financial losses, reputational damage, and legal consequences. To mitigate these risks, many companies invest in cyber insurance policies that provide coverage for various cybersecurity-related incidents. However, disputes can arise regarding what is and is not covered by a cyber insurance policy. By understanding what these policies address, business owners can take steps to address and resolve cyber insurance disputes.
Coverage Provided by Cyber Insurance Policies
Cyber insurance policies are designed to protect businesses from the financial impact of cyber attacks, hacking, and related concerns. These policies typically offer coverage for:
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Data breaches
In the event that sensitive customer information such as Social Security numbers or credit card details are exposed or stolen, cyber insurance can help cover the costs associated with notification expenses, credit monitoring services for affected individuals, and any necessary public relations efforts.
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