Cyber insurance covers the financial fallout of a cyber incident, including incident response costs, business interruption, ransom negotiation, legal fees and liability.
Carriers differ in how much security help they include. Some bundle active scanning and alerts, while others are pure risk transfer. Compare the coverage limits, the sub-limits for ransomware and social engineering, and the incident response panel you would be required to use.
Without a policy, the rest of this section still reduces risk, but nothing offsets the loss when something gets through. Insurers also give you a clear view of which controls they price.