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Types of Cyber Liability Coverage

Cyber liability insurance policies generally offer two main types of coverage: first-party and third-party. First-party coverage addresses direct losses to the insured business, including costs for data restoration, business interruption, and extortion payments. Third-party coverage, on the other hand, deals with claims made by customers or other parties affected by the breach, covering legal defense costs and settlements. Businesses should evaluate their specific needs and risks to determine the appropriate level of coverage.