Top 10 Cyber Insurance Companies

In response to the concerning number of cyber-attacks each year, cyber insurance has become a thriving market. For any business that handles private and sensitive information, be it medical reports, financial records, client data or otherwise, it’s vital that a comprehensive cover has been put in place.

Cyber insurance can help to protect a company from potential cyber-attacks in a number of ways, with a range of policies to accommodate for the diverse requirements of different businesses.

As is the case for finding the best deals on any insurance option, it’s smart to compare through a reputable comparison specialist. The digital insurance broker Get IndemnityTM can obtain quotes from the top cyber insurance providers in the U.K. market.

If you’re currently looking for the best cyber insurance to suit your business, why not also check out this top 10 list of TechRound’s best cyber insurance companies for 2020:

 

1) Beazley

 

Beazley-logo

 

Cover includes:

  • First-party cyber extortion
  • Costs for data recovery
  • Business interruption caused by security breaches and system failures
  • eCrime
  • Contingent business interruption due to incidents that occurred at the vendors and suppliers of the policyholder

 

Key Features

Beazley offers a 360° approach to cyber cover, with an extensive range of solutions aimed to protect businesses from cyber-related risks. Their policy, the Beazley Breach Response (BBR), provides breach response services, cover for regulatory defence and penalties, payment card industry costs, as well as first party and crime coverage.

Furthermore, policyholders of BBR will also be able to access the provider’s services for pre-breach and risk management.

In the unfortunate event of a cyber incident, Beazley’s specialist breach response team will work directly with policyholders to resolve the issue effectively – helping to establish the extent of what’s been compromised, the policyholder’s responsibility, as well as informing those affected about the breach.

In addition to this, Beazley will also indemnify the policyholder’s losses from regulatory actions or lawsuits. The provider state: “Beazley’s claims team has been at the forefront of defending clients in the developing and evolving legal arena of privacy class actions and regulatory investigations arising from cyber breaches.”

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2) CFC Underwriting

 

CFC-logo

 

Cover includes:

  • Costs for the response of a cyber incident (e.g. IT forensics, breach notifications)
  • Cybercrime
  • Business interruption and system damage
  • Network security and privacy liability
  • Media liability
  • Technology errors and omissions
  • Costs for court attendance

 

Key Features:

CFC offers a range of award-winning insurance options to help protect a business against cyber-related risks, available in the following three packages:

 

Private Enterprise: “Combining data breach, cybercrime and business interruption cover, tailored for SME organizations”

CFC’s Private Enterprise cover has been tailored for SME organisations, available for the majority of different businesses including healthcare providers, educational facilities, retailers, energy companies and public entities. Through this cover, policyholders can expect to be protected against all those listed above, with the limits, deductibles and premiums being as follows:

 

Maximum limit£10,000,000
Minimum deductible£1,000
Minimum deductible (for initial incident response)£0
Minimum premium (without crime)£500
Minimum premium (with crime)£1,000

 

Large Corporate: “Comprehensive cover to protect against the impact of major security breaches and catastrophic system failure”

The CFC’s Large Corporate cover was developed to accommodate for global businesses, protecting policyholders against major security breaches and catastrophic system failures. This policy offers a range of fantastic coverage, including cover for liability against senior executive officers, contractual liability, full non-physical perils, and system repair costs, as well as nil deductible for initial response services.

 

Cyber Excess: “Extra peace of mind for businesses who want to top up the cover and limits supplied by their primary cyber policy”

CFC’s Cyber Excess policy has been designed for businesses to top up the cover from their existing, primary policy, helping to provide further peace of mind that they are properly protected against cyber-related risks.

This particular policy is available for the majority of businesses to take advantage of, and provides, as CFC state: “Up to 10m ($/£/€) of excess cyber capacity with an automatic reinstatement of the excess limit as standard, protecting clients against the increasing likelihood of multiple cyber events in a single policy period”.

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3) MPR Underwriting

 

MPR-logo

 

Cover includes:

  • 24/7/365 immediate incident response
  • Expenses for crisis management (e.g. forensics and advice)
  • Expenses for cyber extortion incidents
  • Privacy notification expenses
  • Business interruption and system damage
  • Cyber and media liability
  • Penalties and fines (including PCI Loss and Privacy Regulator Actions)

 

Key Features:

MPR Underwriting’s cyber insurance policy strives to both assist and further protect policyholders through cyber-related incidents. Cyber-attacks are a tremendously testing time for organisations big and small, with a quick response being crucial for recovery. That is why MPR Underwriting offers immediate incident response as part of its coverage, accessible 24 hours of the day, 7 days a week, 365 days a year, coordinating the services necessary for responding effectively to a cyber event.

In addition to this, MPR Underwriting can also cover a range of related expenses, including those involved in crisis management (forensics, PR, recovery of data etc.) and business interruption and system damage (e.g. the lost net profits that occurred during a cyber event).

Through this coverage, businesses can benefit from a maximum limit of £5m in the aggregate.

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4) Allianz

 

Allianz-logo

 

Cover includes:  

  • Liability for data breaches (both personal and corporate data included)
  • Associated costs from data breaches
  • Liability for network security (hacked/compromised systems)
  • Media liability
  • Business interruption associated with the cyber incident
  • Cyber interruption-related restoration costs
  • IT forensic support
  • Crisis communication (for mitigating reputational damage)

 

Key Features:

Allianz’s Cyber Protect insurance plan offers businesses cover on a wide range of different risks (detailed above). Allianz Global Corporate & Speciality (AGCS) have had over ten years’ worth of experience in the cyber insurance industry, which, as they claim themselves, has enabled them to offer a whole host of different cyber-related covers.

AGCS cover a number of areas throughout their cyber insurance plans, including first-party and third-party losses, as well as services in prevention and response to cyber-related incidents – keeping businesses protected and resilient to the rising number of cyber-attacks.

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5) QBE

 

QBE-logo

 

Cover includes:  

  • Cyber liability
  • Costs for regulatory defence and penalties
  • Cyber business interruption
  • Online media liability
  • Data restoration
  • The legal costs associated with data breaches
  • Costs associated with credit monitoring and identity theft

 

Key Features:  

QBE’s cyber policy protects businesses against a number of cyber-related risks as well as providing critical support if and when needed. Whilst QBE’s cyber policy can offer the range of different cover options listed above, the company prides itself on taking the time to get to know each client, and coming up with a bespoke cover, optimised to the policyholder’s unique needs and circumstances.

Through its bespoke plans, QBE’s cyber policies can protect and support businesses through various different stages of a cyber-related incident, with a 24-hour crisis support service that can be used to find out how a breach occurred, how the problem can be fixed, advice on how to meet regulatory requirements in addition to managing and protecting the reputation of the business.

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6) Travelers  

 

Travelers-logo

 

Cover includes:  

  • The costs associated with improving a computer system after a security breach
  • Business interruption
  • Money/securities lost due to fraudulent instructions from attackers pretending to be staff members, clients or vendors
  • Accounting costs
  • Income lost from the business due to damaged reputation after cyber incident is publicised
  • Bricking coverage – replacing non-functional equipment

 

Key Features: 

Travelers have tailored a cyber insurance plan to cover a business through each potential step of a cyber incident, these being before, during and after the event occurs. From 1st and 3rd party losses to working interruption, penalties and fines, Travelers offers a wide range of different protections through its cyber insurance policy – driven to protect clients’ digital technology and furthermore “celebrate its power”.

Travelers offers the following sub-limits for its cyber insurance cover –

CoverSub-limit
Computer Fraud100,000
Telecom Fraud100,000
Fraudulent Impersonation100,000 (or, if less, 10% of policy aggregate)
Dependent Business Interruption100,000 (or, if less, 10% of policy aggregate)
Payment Card Expenses (PCI)100% of policy limit
Damage to Computer System100% of policy limit

 

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7) Hiscox

 

Hiscox-logo

 

Cover includes:  

  • GDPR non-compliance claims
  • Lost income caused by a data breach
  • Costs for replacement/repair of cyber-attacks that damage equipment
  • Getting back to normal business operations after related damages to a policyholder’s reputation
  • Management of data breach with legal advice, forensic investigations and communication to regulators and customers

 

Key Features:

The CyberClear cyber and data insurance by Hiscox has been developed to protect businesses against both cyber threats and risks surrounding their data. Hiscox work with each and every client to create a policy that’s right for them, taking into account the costs that would be needed to reboot after an attack has occurred.

As part of the CyberClear insurance, policyholders will have access to the Hiscox CyberClear Academy, aimed to help businesses become more aware to cyber threats, and thereby helping to safeguard a business from cyber-related incidents. It does this by training employees to become more aware on cyber-related risks, and how to prevent this on their part as much as possible (e.g. how to correctly respond to phishing).

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8) AIG

 

AIG-logo

 

Cover includes:

  • First response service, delivering legal and IT forensics when policyholders suspect a cyber incident
  • Costs associated with the relevant legal, IT and PR services
  • Costs associated with data restoration and breach notification
  • Security and privacy liability
  • Services to help combat cyber extortion
  • Loss of income
  • Mitigation expenses
  • Financial loss from fund transfer fraud

 

AIG offers a flexible policy, known as CyberEdge, in which businesses can pick and choose the levels of cover they require, tailoring their cyber insurance perfectly to their own operations.

Throughout this policy can be offered a comprehensive and personalised set of covers, in addition to a range of different complimentary tools/services, including employee training via a phishing simulator, a cybersecurity information portal, insurance portfolio diagnostics and more.

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9) Zurich

 

Zurich-logo

 

Cover includes: 

  • Security and privacy liability
  • Costs associated with a privacy breach
  • Regulatory proceeding defence costs
  • PCI – DSS payments
  • Associated business income loss
  • Expenses for the replacement of digital assets
  • Cyberterrorism
  • Cyber extortion threat and reward payments
  • Civil fines and penalties
  • Internet media liability

 

Key Features:

Zurich understands that with an increasing reliance on technology, it’s becoming more and more important for businesses to protect their operations against cybercrime. Zurich offers cyber insurance for SMEs as well as Mid-Market companies, tailoring covers for those with an annual turnover of over and under £25m, and helping to protect a whole host of different businesses from detrimental cyber-related incidents.

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10) Chubb

 

Chubb-logo

 

Cover includes:

    • Business interruption loss
    • Data loss and restoration
    • 24/7/365 incident response and investigation costs
    • Costs associated with crisis communications and reputational mitigation
    • Legal costs
    • Liability for online media
    • Expenses for regulatory investigations

 

Key Features:

Chubb is another superb provider for comprehensive cyber insurance, covering a broad range of issues. Chubb’s team of dedicated, award-winning cyber underwriters deliver high-quality services consistently across the globe.

As well as offering a phenomenal team and extensive cover options, policyholders of Chubb’s Cyber ERM (Enterprise Risk Management) policy will also be eligible for a free Cyber Alert App to manage cyber incidents on the go, as well as a free Personal Cyber Risk Dashboard and a discounted price on the provider’s Phishing Awareness Assessment.

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What Is Cyber Insurance?

Cyber insurance is a type of cover that helps to keep businesses protected from digital threats, such as malicious cyber hacks and data breaches. It’s claimed that cybercrime accounts for a staggering 50% of all crimes reported in the U.K., and with business operations becoming more and more integrated with the digital world, protecting yourself with a comprehensive insurance plan has never been more important.

Businesses are responsible for their own cyber security, however, by getting the right cover from a great insurance provider, you can help to make sure any arising cyber incidents won’t be fought alone. Cyber insurance can provide invaluable support to help keep your business up and running, whatever the digital world throws at it.

 

Do I Need Cyber Insurance?

The types of businesses that would benefit most from cyber insurance are those storing, and/or sending, electronic data. This data can be vulnerable to attacks, which can damage a company’s  security, as well as its reputation and finances.

Cyber insurance is therefore useful for any business that is vulnerable to cyber-attacks, providing a range of support measures to not only cover the various costs of recovering from an attack, but also how to respond and manage when these incidents occur.

 

What Is Included in Cyber Insurance?

When a cyber-attack occurs, most insurers will provide cover for both first and third party costs, primarily associated with any financial and reputational damage. For the first party (the business), cover will typically include the following:

  • Costs for investigating the cyber incident
  • Costs involved in recovering and restoring that damaged in an incident
  • The income lost by a business due to the cyber incident
  • Costs for notifying the affected parties
  • Costs for managing the business’s reputation after an incident

For third party cover (claims made against the business), policies will typically include things like the costs involved in the business’s legal defence against certain claims, as well as any damages and settlements.

Whilst those listed above are commonly offered by cyber insurance providers, the precise level of coverage will depend on the details and requirements from the business and the provider they choose to go with.