Does cyber insurance provide financial protection against cyber extortion demands, and what conditions are required for coverage?
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Does cyber insurance provide financial protection against cyber extortion demands, and what conditions are required for coverage?
Yes, cyber insurance can provide financial protection against cyber extortion demands through coverage for ransom payments and expenses related to responding to the extortion. To be eligible for coverage, specific conditions may vary among insurance policies but generally include requirements such as promptly reporting the incident to the insurance company, obtaining their approval for negotiations and payments, following any specified protocols, and demonstrating that reasonable security measures were in place prior to the incident. It’s essential to review your policy details carefully and consult with your insurance provider for comprehensive guidance on coverage conditions for cyber extortion.