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Types of Cyber Insurance Coverage

Cyber insurance policies can vary widely, with coverage options tailored to meet the specific needs of different businesses. Common types of coverage include:

• Data Breach Coverage: Protects against the costs associated with the unauthorized access and theft of sensitive data.
• Network Security Coverage: Covers losses from network security failures, such as malware infections or denial-of-service attacks.
• Cyber Extortion Coverage: Provides financial support in the event of a ransomware attack, including ransom payments and negotiation services.
• Business Interruption Coverage: Compensates for lost income and additional expenses incurred during a network outage caused by a cyber incident.

Real-World Examples and Statistics

The importance of cyber insurance is underscored by the increasing frequency and cost of cyber attacks. According to a recent report, the average cost of a data breach in 2023 was $4.45 million, highlighting the financial risk businesses face². Furthermore, a survey by Hiscox revealed that over 60% of small businesses experienced a cyber attack in the past year, emphasizing the need for robust cyber protection³.