x In simple terms, cyber insurance is insurance that covers the liability of a business under a data breach where sensitive personal data of the customer(s) are involved. This sensitive personal data includes credit card numbers, driver’s licenses, social security numbers, account numbers or health records. It not only covers businesses but also individuals that provide services under such businesses. Risks that are internet-based such as information privacy, information technology infrastructure, information governance liability, etc are generally excluded from traditional insurances that cover commercial liabilities. Cyber insurances provide certain coverage like first-party coverage and liability coverage. First-party coverage includes losses caused by extortion, theft, data destruction, DoS attacks and hacking whereas liability coverage indemnifies companies against losses caused to others which includes failure to safeguard data, error and omissions or defamation. There are ...