Do you get anxious each morning after reading cybersecurity news? You aren't alone. According to The Recorder, massive data breaches and cyberattacks are driving an upsurge in cybersecurity policies. In fact, there are 160 effective cyberattacks per week in the United States on average.
As a direct result, cyber liability insurance carriers are ramping up their policy offerings to help monitor, protect, and stabilize your electronic business operations.
The Cybersecurity Insurance System
Cyber liability insurance is an essential service that helps companies cover financial burdens associated with cybersecurity incidents. Depending on your policy, this could include network repair, data recovery, investigations, public relations, legal fees, and more.
Of course, choosing between different cyber liability insurance carriers or policies can be tough if you don't know exactly what your business needs. That's why CyberPolicy works to connect you with a provider who best fits your needs. Below are the top five cyber insurance carriers in the market. Keep reading to explore what they have to offer.
Taking the No. 1 spot is AIG. This multinational corporation is a key player in the insurance industry and currently carries about 22 percent of the cyber insurance market.
What's even more impressive is that the company plans to include cyber coverage in its commercial casualty insurance beginning early this year. This move will likely raise rates. But that's a small price to pay considering the mounting cybersecurity threats across industries. A spokesperson for AIG says the insurer is in the process of reviewing all coverage types to gauge its exposure to cyber risk.
Founded in 1882, Chubb Limited is the world's largest publicly traded property and casualty insurer. It also covers about 12 percent of the cyber insurance market.
Regardless of size or industry, Chubb offers private businesses the luxury of customizable solutions based on their needs. Chubb's suite of cyber products integrates privacy, network, and media coverage while also mitigating the financial damages associated with cyberattacks. It's easy to see why Chubb is so popular.
Hiscox is a Bermuda incorporated insurance provider founded in 1901. The company is well known for specializing in niche areas of coverage including classic cars, fine art, aerospace, kidnapping, ransom, and hacking.
Obviously, we are only focusing on cyber liability insurance today. Hiscox's cyber policy is designed to cover privacy, data, and network exposures up to a $10 million capacity. It's also built to cover business interruptions, employee negligence, third-party data breaches, and more.
Liberty Mutual Group is a global insurance organization and the fourth-largest insurer in the United States. According to the company, Liberty Mutual is dedicated to "helping people live safer, more secure lives" since 1912.
Perhaps this is why the insurer released Data Compromise and CyberOne, two products designed to mitigate the damages associated with data breach. Data Compromise, for instance, carries an annual aggregate limit of $50,000. It's first-party coverage for expenses resulting from a personal data breach.
CyberOne, on the other hand, provides third-party liability coverage and defense for suits and damages resulting from a data breach.
HSB was founded in 1866 and is now part of Munich Re. HSB is a multiline specialty insurer and the leading provider of equipment breakdown coverage in North America.
HSB has a 150 year heritage, a commitment to loss prevention and a reputation for integrity and reliability. With over a decade of experience insuring cyber HSB focuses on providing small to mid-sized firms with affordable coverage and specialized claim service. HSB's cyber insurance covers computer-attacks, cyber extortion, data breach response, misdirected payment fraud, identity recovery, network security liability, electronic media liability, and more.
Do you need help finding a cyber liability insurance policy that fits your needs? Get your free quote from CyberPolicy today!