Cyber insurance policies are generally categorized into two core structural insuring agreements: first-party coverage and third-party coverage. First-party cyber insurance covers your direct operational losses, such as data restoration, IT forensic investigation fees, business interruption downtime, and extortion ransom payments. Third-party cyber insurance protects your business against legal liabilities, consumer privacy lawsuits, regulatory penalties, and defense costs arising when customer or employee data is compromised by a malicious network intrusion.
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