In a previous post we reviewed insurance coverage that is now available to protect companies against potential third-party claims resulting from their failure to protect the private or confidential data of consumers and other businesses.
An important compliment to “third-party” cybersecurity liability insurance is “first-party” cyber-risk insurance. “First-party” insurance coverage protects the insured against losses or damage that the insured itself sustains. Well-known “first-party” coverage includes health insurance and fire, flood, and other coverages afforded under traditional homeowner insurance policies.