Comprehensive cyber insurance requires understanding both first-party and third-party coverage. First-party protects your own losses, while third-party protects you against claims from others. Together, they provide complete protection against cyber risks.
First-party cyber insurance protects your own business against direct financial losses resulting from a cyber incident. It covers costs your business incurs to respond to and recover from a breach or attack.
Third-party cyber insurance protects your business against liability claims from customers, clients, partners, or other third parties who suffer losses as a result of a cyber incident affecting your business.
Scenario: A restaurant chain experiences a ransomware attack that encrypts their booking and payment systems.
First-Party Covers:
Total Protection: £120,000+ in direct losses covered
Scenario: A data breach at a fitness centre exposes members' payment card information and personal details.
Third-Party Covers:
Total Protection: £145,000+ in liability claims covered
A single cyber incident can trigger both first-party and third-party losses simultaneously. Without both types of coverage, you face significant uninsured exposure.
Comprehensive cyber insurance is essential risk management for modern businesses operating in the digital economy.
| Coverage Type | First-Party | Third-Party |
|---|---|---|
| Forensic Investigation | ✓ | - |
| Business Interruption | ✓ | - |
| Ransomware Recovery | ✓ | - |
| Legal Defence Costs | - | ✓ |
| Settlement Payments | - | ✓ |
| Notification Costs | ✓ | ✓ |
| Crisis Management | ✓ | ✓ |
| Regulatory Support | ✓ | ✓ |
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