More companies seeking cyber insurance following high-profile data breaches

Cyber insurance covers costs from data breaches but not ransom payments.

“Cybersecurity insurance normally covers compensation for costs arising from data breaches such as hacking, internally caused cyber leaks and, in some cases, IT security assessments to prevent similar data compromises from happening in the future. It also covers costs for conducting digital forensic analysis to identify cyberattackers and where vulnerabilities lie in a company’s IT systems, as well as the loss of business opportunities caused by data leaks. But any ransom paid to an attacker is not covered by such insurance.”