In this digital age, businesses rely heavily on technology and the internet which makes them target for data breaches. Today, small or large all businesses face cyber security threats. Especially fintech industry and banks face highest risk in terms of losing funds and potentially the reputation. Unique about this threat is that the attacker could be sitting in any part of the world and enter your system. Threats range from data breaches and ransomware attacks to phishing. If it is a direct cyber-attack then the consequences could be loss of data, loss of reputation, ransom from attacker or even vandalism on your digital assets. Often the ramson is demanded in bitcoins or other digital currency. Cybersecurity insurance provides financial protection against the costs associated with cyber incidents, including data recovery, legal expenses, ransom and regulatory fines. Areas of breaches: include Customer access points, payment infrastructure, core cloud service breaches, data center providers breaches, or other external hackers. Causes of breaches: Lack of firewall, misconfiguration of partners software, open network access, insider malicious activity. Some research shows that the hacker will be in your system for 90 to 180 days before the attack is made. The stagnant cyber security policy or not updating the firewalls, means hackers get enough time to break down the firewall. Key Aspects of Cyber Risks and Insurance: E Vandalism: The hackers deface your website, to display the hackers’ power. The attacker may create some malware which damages some files. The cyber insurance in such case will cover the cost of defamation, restoration of the asset and any other cost incurred due to vandalism. E Business Interruption: Attacker takes control of your server or main operational digital asset and brings down the business operations in such cases the business losses that company faces can be covered by cyber insurance. It provides coverage for financial losses due to downtime caused by cyberattacks. The cyber insurance provider would often expect the insured to have a business continuity plan in place.