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Insurance terminology explained in simple terms

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Cyber Coverage

Cyber coverage offers protection against financial consequences due to a hacker attack, a DoS attack, computer abuse, data espionage or other Internet crime (cyber crime).

Depending on the provider, insurance coverage exists for damage, destruction, modification, blocking or misuse of the policyholder’s IT systems, programs or electronic data as a result of unauthorised interference.

In some cases, the insurer also pays the additional costs incurred, such as for renting third-party IT systems so that business can be kept going and lost sales can be avoided.

(see also first-party cyber and data risks insurance, data protection insurance)

Term: Cyber Coverage

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