Cybersecurity breaches have become a predictable part of the business landscape. Every year, companies lose somewhere around $450 billion—more than is spent recovering from hurricanes—when malicious actors steal information and break into digital systems. The damage to a company’s reputation alone can be cataclysmic; loss of assets and legal liability can put a company out of business
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First-party cyber security insurance covers the costs associated with being the victim of a hack: everything from notifying clients of the breach to weathering the storm of lost revenue.
Third-party cybersecurity insurance helps cover the risks of being blamed for a breach. This is especially applicable if your company conducts assessments of digital security. It can also apply when a gap in your own security ends up passing a virus on to someone else, but for most non-IT businesses, First-party cybersecurity insurance is enough.