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Cyber Insurance terms
Coverage for the breach, and the market pricing it.
First-party coverageInsurance that pays the policyholder directly for its own losses, such as damaged property or breach response costs, rather than defending claims by others.Third-party coverageInsurance that pays defense costs and damages when an outsider, such as a customer, patient or regulator, makes a claim against the policyholder.War exclusionA clause removing losses caused by war, military action and similar hostilities, which cyber policies now stretch to attacks backed by a nation-state.Breach coachA privacy attorney, usually from the cyber insurer's panel, who directs the first days of a data breach or ransomware response.Business email compromise (BEC)Fraud in which a criminal impersonates an executive, vendor or client by email to trick an employee into sending money or changing payment details.Cyber extortionA demand for payment backed by a threat to encrypt, destroy or publish your data or disrupt your systems, and the cyber policy coverage that responds to it.Funds transfer fraudCrime coverage for money taken from your bank account by a fraudulent instruction to your bank that you did not send or approve.RansomwareMalicious software that locks or encrypts a victim's data or systems and demands payment for the key, often with a threat to publish stolen files.Social engineering fraudFraud that tricks an employee into voluntarily sending money or data by impersonating a vendor, executive or client, rather than breaking into systems.Multi-factor authentication (MFA)A login check that requires two or more kinds of proof, such as a password plus a code or device, and a control cyber insurers now expect.Dependent business interruptionCyber coverage for income lost when an outage or attack at a provider you rely on, such as a cloud host or payment processor, halts your operations.