Cybersecurity insurance also known as cyber insurance or cyber liability insurance is a contract that an organization can purchase to help decrease the financial risks related to online business.The insured can get cyber coverage by paying monthly, quarterly, half-yearly and yearly premiums to the insurance company.

However, cybersecurity insurance has its origins in errors and omissions insurance which is a separate kind of insurance plan that provides coverage against any faults & defects in the services an organization provides. Some cyber insurance policies offer different E&O coverage and many insurance companies offer these plans separately to avoid any kind of confusion regarding coverage.