Cyber-Insurance - Definition from the Hotspot Shield Glossary
Cyber insurance is a particular type of insurance product that is provided to protect individuals and businesses from the risks associated with the internet and keeping an online presence. In most standard insurance policies, there will be no coverage for such things as online theft, hacking or destruction of data - This is why specific Cyber Insurance policies are created for businesses that use the internet regularly.
Many IT security services come with optional cyber-insurance policies, and this type of insurance is becoming increasingly important due to the importance that is placed on the internet and online technologies in modern business. Cyber Insurance is still a developing area of business and is mainly concentrated in the US; however more and more insurance companies are looking into it and see it as a vital safeguarding tool in today’s online world.