exali Glossary
Your encyclopedia of technical terms used in the insurance industry
The insurance industry is full of technical terms—from insurance policies and obligations to recourse claims. To help you keep track of everything, the exali glossary explains the main insurance terms in a simple, understandable, and practical way.
In the exali glossary, you will find not only definitions, but also practical examples, legal information, and references to the appropriate insurance coverage. This way, you always know where the risks lie—and how to protect yourself against them.
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Cyber first-party loss
A cyber first-party loss is financial damage incurred by your own company as a result of a cyber incident—for example, a hacker attack, data loss, system failure, or a data breach.
Unlike third-party loss, this does not involve external claims, but rather your own costs and losses resulting from an IT security incident.
Examples of cyber first-party losses
- IT recovery costs after a ransomware attack
- Business interruption due to server failure caused by malware
- Costs for crisis PR after a data leak
- Legal advice and reporting to the data protection authority after a GDPR violation
- Forensic analysis to determine the cause of the damage
- Notification of affected parties in the event of compromised customer data
Coverage with exali
Cyber first-party losses are not automatically included in exali's professional liability insurance. They are covered by the additional First-Party Cyber and Data Risks Insurance (FPC) add-on.
Term: Cyber first-party loss
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