The traditional insurance products cover risks against losses arising from natural calamity, theft, crime etc but typically do not cover losses arising on account of cyber crimes or cyber failures. An insurance cover against cyber crime or cyber failure would mitigate the risk to a large extent.
There can be First Party as well as Third Party Insurance Cover against the cyber crime or failure. The First Party Insurance can cover losses faced directly by the insurance holder including personal information asset damage, including damage to the data, software, and a system failure due to cyber attack and post cyber attack crisis management expenses.