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 Ohio, 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 cyber threats that compromise a business's or its customers' sensitive information. Ohio does not have specific statutes that regulate cyber insurance policies; instead, these policies are governed by general insurance laws and regulations at the state level, as well as applicable federal laws such as the Health Insurance Portability and Accountability Act (HIPAA) for health records. Businesses in Ohio seeking cyber insurance should work with an attorney to ensure that their policy provides adequate coverage for the specific cyber risks they face, and that it complies with any industry-specific regulations that may apply to their handling of personally identifiable information (PII).