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coverage. This coverage provides coverage for losses that occurred within the policyperiod but that was not discovered until after the policy period.Cyber policies offer a variety of coverages and may include the following:2. First Party LiabilityIn insurance jargon, first party claims are those claims by the policyholder against itsinsurer seeking money for a loss that the insured sustained. This may take the form ofproperty loss, business interruption, etc. With the cyber insurance it is important thatthe first party coverage extend to the expenses the insured is likely to incur, such asnotification costs, credit monitoring, etc. In addition, the policy should protect theinsured’s intellectual property and information technology platforms, keeping in mindthat an entire business can be taken down simply by a talented hacker seizing control ofa company’s information technology platform.Extortion/Threat. This covers the cost for payments of electronic extortion whendata or systems are threatened and ‘ransom’ must be paid to prevent or mitigatethe damage. 20Business interruption. Similar to business interruption coverage in propertypolicies, this covers loss of income due to a cyber event, and often covers relatedexpenses incurred in returning the system to full operation.20 This cyber ransom affects individuals as well as corporations. Seehttp://www.nytimes.com/2015/01/04/opinion/sunday/how-my-mom-got-hacked.html (last visited January7, 2014).