Cyber insurance is a type of insurance that can provide coverage for losses arising from a data breach or cyber-attack.
This type of insurance can provide coverage for costs associated with the loss or theft of biometric data, including legal fees, settlements or judgments and other expenses. Cyber insurance policies may also provide coverage for business interruption losses resulting from a data breach or cyber-attack.
If a business’s biometric data is stolen or compromised in a cyber-attack, cyber insurance can provide coverage for the costs associated with investigating the breach, notifying affected users and restoring the business’s systems.
Cyber insurance policies may also provide coverage for claims arising from cyber extortion or ransomware attacks. For example, if a business’s biometric data is held hostage by cybercriminals, who demand a ransom payment in exchange for releasing the data, cyber insurance can provide coverage for the ransom payment and associated expenses. Cyber insurance can also provide coverage for reputational damage resulting from a data breach or cyber-attack.