The rapid development of technology improves living standard by making it easier for human’s daily activities. Therefore, data is new kind of properties which is very valuable but cannot be physically protected. A concern raising is that can people get insurance when their cyber asset be damaged?
Recognizing the increasing demand for the indemnity related to cyber-attacks, some insurance companies such as AVIVA, SGI Canada and AIG add the new option of cyber insurance. Each company offers distinguish features in their insurance programs; however, overall this kind of insurance promises to cover these following main points:
- Business Losses – Including losses due to interruption in systems and/or services and error fixing and data loss recovering expenses.
- Remediation and Notification Expenses – Costs to notify to customers and other affected parties and manage privacy protection for the subjects mentioned above.
- Extortion and Lawsuit Expenses – Cost to negotiate and settle the potential cyber extortion (such as ransomware) and other costs of legal expenses and regulatory fine.
- Forensic Investigation Expenses – Costs to detect causes, how to repair and how to prevent similar attacks in the future.
Cyber insurance maybe still a new notion to many people but it becomes more and more popular in the modern world where almost everybody has a spot in the cyberspace.