How does cyber insurance address data breaches?

Cyber insurance policies can help businesses recover financially and protect their reputation in the event of a data breach by covering costs such as forensic investigations, legal fees, notification expenses, credit monitoring services, public relations efforts to manage reputation damage, and even potential liability from lawsuits related to the breach. These policies can also provide coverage for business interruption losses and extortion payments in case of a ransomware attack, ultimately assisting businesses in managing and mitigating the financial impact of a data breach while working to maintain their reputation and customer trust.