Cyber attack is a top concern for businesses in 2013, with85 percent of corporate executives naming it their greatest risk,trumping loss of income (82 percent) and property damage (80percent), according to a recent AIG survey.

Of 258 executives polled by market research firm Penn SchoenBerland for the study, three-quarters say legal compliance issuesare making their organizations think more about cyber risks.

The majority (80 percent) of executives and brokers say theyfind it difficult to keep pace with information regarding cyberthreats. However, the Insurance Information Institute (I.I.I.)points to a Zurich study stating less than 20 percent of companiespurchase cyber insurance to protect themselves against thisincreasingly common cause of loss.

Here is an alphabetical guide to the types of coverage availablefor damages received on cyber turf, as described by the I.I.I.

Business Interruption – Covers loss of businessincome as a result of an attack on a company's network that limitsits ability to conduct business, like denial-of-service. Thecoverage may include extra expenses for forensic procedures andloss of income from dependent business interruption.

Business Owners Policy (BOP)—May cover lossfrom computer viruses and harmful code, but could be excluded ifcaused by intentional actions by a company employee.

Cyber Extortion – Covers the settlement of anextortion threat against a company's network and the cost of hiringa specialty security firm to investigate and negotiate withblackmailers.

Crisis Management – Insures the expense ofhiring a PR or advertising firm to bolster a company's reputationafter a cyber incident, as well as notifying consumers of a breachof private information and providing credit-monitoring or otherremediation services after a data leak. According to AIG, more thantwo-thirds of executives and brokers believe a company'sreputational risk from cyber attack is greater than financial risk.

Criminal Rewards – Covers the cost of posting acriminal reward fund for information leading to the arrest andconviction of a cyber criminal who has attacked a company'scomputer systems.

D&O/Management Liability – Can bespecifically-tailored to cover cyber liability risks faced bydirectors in various industries.

Data Breach – Covers the expenses and legalliability resulting from a data breach. Policies may also provideaccess to services helping business owners to comply withregulatory requirements.

Identity Theft – Provides access to an identitytheft call center in the event of stolen customer or employeepersonal information.

Liability – Covers defense costs, settlements,judgments and, sometimes, punitive damages incurred by a company asa result of breach of privacy due to data theft from credit cardsor health information; transmission of a computer virus that causethird-party loss; failure of network systems that are essential tothird parties; and allegations of copyright, trademark infringementor defamation activities on the company's website or banner adsposted on other sites.

Loss/Corruption of Data – Covers damage to, ordestruction of, valuable information assets as a result of viruses,malicious code and Trojan horses.

Property—Traditionalproperty policies may cover cyber incidents that result in damagearising from a covered loss cause such as a fire, which might beinflicted by an act of cyber terrorism.

Social Media/Networking – Policies in thisemerging field provide coverage for exposure for defamation,advertising, libel and slander on social media forums. Umbrella orexcess liability policies may provide broader protection on claimsagainst the insured for libel and slander, or plans with higherliability limits.