In brief: A new type of insurance is circulating that can protect companies from data loss and liabilities associated with it, but it can be pricey and complicated.
The full story
A new form of insurance called "Cyber Insurance" or protection is being offered by many insurers as a rider to business liability coverages. The insurance covers businesses if they are the victims of data loss, theft, etc. and the liabilities that may come with that.
Often offered only as a rider for corporate espionage coverage, the insurance is now being offered by many insurers for other types of business coverage plans as well.
The costs can be large, however, depending on the liabilities covered in case of loss.
Summing up
The Ponemon Institute estimates that cyber crimes cost businesses an average of $5.9 million last year with costs ranging from $1.5m to $36.5 million per company after liabilities and other factors are included.
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