Question

Bell’s database has been hacked and sensitive information has been compromised to its competitors leading to loss suffered by it. Which insurance would cover this loss?

Answer 1

Answer:

A Cyber Insurance Policy

Explanation:

A Cyber liability policy  covers the loss or damage of electronic data.

The policy often includes the following categories to be covered:

1. Errors and omissions,
2. media liability,
3. network security,
4. and privacy

Answer 2

Cyber Liability Insurance protects businesses and covers the loss.

Explanation:

Cyber liability insurance protects huge losses arising from data theft and other cyber incidents. Most plans include both 1st-party and 3rd-party protection. The first-party liability applies directly to losses incurred by the client.

Policies include a series of resources related to data theft, including warning charges, identity theft protection, strategic planning, expenses for the prosecution of complaints by federal regulators, fines, damages and injuries arising from identity theft and business disruption.

California was the very first country in 2003, to implement a data violation law requiring customers to be contacted if their private information is put at risk.