Cyber insurance is a special insurance policy that covers your business’ losses and liability for intrusions into your business’s computers, computer networks, software, payment processing, and other information technology (cyber events). Cyber events that may be covered by cyber insurance include data breaches, malware, ransomware, viruses, spyware, wire transfer fraud, phishing, denial-of-service (DoS) attacks, Trojans, adware, botnets, man-in-the-middle attacks, credit card web skimming, and others.

In addition to breaching a business’s own valuable information and processes, a data breach may target a business’s sensitive customer information, such as credit card numbers, account numbers, telephone numbers, mailing addresses, passwords, driver’s license numbers, Social Security numbers, health records, and other personally identifiable information (PII).

In Florida, cyber insurance policies are designed to mitigate the risks associated with electronic business operations by covering the financial losses that can result from various cyber events. These policies typically address costs related to data breaches, malware, ransomware, and other forms of cyberattacks that compromise a business's or its customers' sensitive information. Florida does not have specific statutes that regulate cyber insurance policies; instead, these policies are governed by general insurance laws and regulations enforced by the Florida Office of Insurance Regulation. Businesses seeking cyber insurance in Florida should ensure that their policies cover the scope of potential cyber risks they face, including liability for compromised customer data such as credit card and Social Security numbers. It is also advisable for businesses to consult with an attorney to understand the coverage details, exclusions, and compliance requirements with state and federal data protection laws.