Cyber Insurance is a form of insurance for businesses and individuals against Internet-based threats. Many high profile data breaches have prompted insurance companies to offer cyber insurance policies to protect clients from the devastating effects of data breaches. Cyber Insurance policies typically cover losses that are related to hacking, malware, theft, extortion, or lawsuits that come from security breaches. Cyber Insurance is a great tool to have, although it does take time to implement as the insurance carriers typically require a lengthy questionnaire be completed outlining your protective measures and risk factors.
Additional Reading: Questions To Ask When Buying Cyber Insurance