To follow are examples of types of risks that are not covered or partially covered by most Cyber Risk policies:
- The cost to implement security upgrades after an attack
- A comprehensive written security program that is typically paired with a regulatory fine or penalty
- Damage, corruption, or deletion of Intellectual Property
- Audits performed periodically that are most likely required for several years after a data breach
- Restoration of a damaged reputation of a business
For example, coverage under a Cyber Risk policy for the damage, corruption or deletion of Intellectual Property is typically limited to the cost of restoration or replacement, not taking into consideration the asset value of the stolen Intellectual Property to the company. In addition, most Cyber Risk Policies also will not provide coverage for upgrading security after an attack has occurred.
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