Typically a stand-alone cyber policy:

  • is a claims made and notified cover
  • offers cover for a variety of first & third party losses resulting from the loss, corruption or destruction of data (not tangible property)
  • covers first-party expenses including software & data recovery; business interruption; forensic IT investigation; crisis management and legal compliance costs
  • covers third-party damages and claims ; defence costs; and intellectual property claims
  • covers costs associated with regulatory proceedings (e.g. Privacy Commissioner investigation)
  • can sometimes offer cover for regulatory fines & penalties; cyber extortion or ransom payments and rewards