What does it cover?
Covers expenses related to a cyber breach including - legal fees and expenses, notifying customers, restoring personal identities, recovering compromised data, repairing damaged computer systems, investigation expenses.
How is premium cost dervied?
Cost depends on industry type, coverage limits, network security, type and amount of records.
A business is hacked and the company records are stolen, including customers social security numbers, bank account data and personal information. The cost to retrieve stolen data, notify customers, legal expenses and investigation expenses total upward of $500,000.