Cyber insurance
business policies: incident response, ransomware, data breaches
What it covers
Incident response:
response team, forensics, recovery — the policy's core value
Ransomware:
ransom demand + restoration — up to limit, usually 1–5M UAH
Data breach:
customer notification costs, GDPR fines, legal fees
Business interruption:
profit lost during downtime — 5–30 days
Who needs it
E-commerce & services:
customer personal data = liability
Medical & financial:
sensitive data — stricter regulatory requirements
IT outsourcing:
a requirement in foreign client contracts
Small business:
40% of attacks hit SMB; policy costs 30–100k/yr
What they check
MFA & backups:
no MFA and backups — refusal or 2x tariff
Security audit:
some insurers require pentest or certification
Exclusions:
state-backed cyber ops — almost always excluded since 2022
Limit & sublimits:
aggregate limit vs separate sublimits for ransom/forensics