Cyber Risk Insurance is designed to cover the risk of unauthorized access to insured system then resulting direct financial loss or damage to the Insured (first party loss) and failure of information security or privacy security that lead to data breaches (third party liability). First Party Loss Coverage will indemnify the Insured for loss or damage as a direct result of 1) alteration, corruption, destruction, deletion or damage to a Data Asset; or 2) inability to access a Data Asset. First party loss covered under cyber risk insurance included data recovering costs & expenses, loss of intellectual property, business interruption, cyber extortion, regulatory fines & penalties, computer forensic and crisis management consultant fees, breach response costs (e.g. costs of sending out notices, call center services, forensics to determine scope and size of the breach). “Third Party Liability Coverage” covers the Insured’s legal liability in data breaches (e.g. leak of personal identifiable information, corporate information, distribution of computer virus etc.) which could cause by failure to secure data, acts of insured’s employees or others. Indemnification under third party liability coverage included legal defense cost and settlement to third party.