Cyber Insurance has developed rapdily in the past 6 years and now, in addition to covering the losses incurred as a result of a third party loss, cyber now indemnifies business for first party losses the business itself suffers. 

Cyber insurance started out as strictly third-party insurance. This was until 6 or 7 years ago when the insurance market recognised the need to develop and adjust the existing offering. The reality was and still is that when a company suffers a cyber related event the company incurs direct losses of a first-party nature.

Published in IsraelDefense Jan-Feb 2015 (Print)