Doc Summary
Cyber Insurance can contain both first-party and third-party sections. They address different types of loss.
First-party cover #
First-party cover relates to losses or expenses suffered directly by the insured business.
Depending on the policy, this can include:
- Incident response costs
- Forensic investigation
- Data restoration
- Business interruption
- Cyber extortion
- Crisis management
- Notification costs
- Credit monitoring
- Certain cybercrime losses
Third-party cover #
Third-party cover relates to claims made against the insured business by another party.
Depending on the policy, this can include:
- Privacy claims
- Claims arising from failure to protect data
- Legal defence costs
- Compensation or settlements
- Regulatory investigations
- Certain regulatory defence costs
Not every Cyber policy provides these sections in the same way. Policies can vary substantially in limits, sub-limits, excesses, definitions, exclusions and coverage triggers.
A policy described broadly as Cyber Insurance should therefore be reviewed section by section.
Contact our team if you would like help reviewing the first-party and third-party sections of your Cyber Insurance policy.
