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 Wyoming, cyber insurance is designed to mitigate the risks associated with electronic business operations by providing coverage for various types of cyber events. This includes data breaches, malware, ransomware, and other forms of cyberattacks that can compromise a business's or its customers' sensitive information. While Wyoming does not have specific statutes that mandate cyber insurance, businesses may choose to purchase these policies to protect against the financial and legal repercussions of cyber incidents. Cyber insurance policies typically cover expenses related to the investigation, legal fees, notification costs, and credit monitoring services for affected individuals, as well as potential regulatory fines and penalties. It's important for businesses to work with an attorney and an insurance broker to understand the scope of coverage, exclusions, and to ensure compliance with any applicable federal laws, such as the Health Insurance Portability and Accountability Act (HIPAA) for health records, or the Gramm-Leach-Bliley Act (GLBA) for financial information.