The cyber insurance marketplace barely existed ten years ago, but is now expected to exceed $14 billion by 2022. The following seven companies currently account for the bulk of the growth in this industry and are recognized as cyber insurance leaders that can get stuff done for clients whose information systems networks are at an ever-increasing risk of attack by cybercriminals.
Chubb is the world's largest publicly-traded property and casualty insurance companies. Chubb offers its own suite of cyberliability coverage options, with a specialty in insurance coverage for the privacy and regulatory needs of the healthcare industry. That suite of options includes protection for losses associated with privacy breaches, unauthorized network incursions, media liability, as well as errors and omissions liability.
A direct competitor of Chubb, Aon, offers consulting and insurance services, including cyber insurance, to Fortune 500 and other companies throughout the world. Aon's clients have access to an online cyber diagnostic tool that assesses their network security and privacy risks. The company uses that assessment as an underwriting tool and as an educational platform that helps its clients to actively manage and reduce their risk exposure to financial losses associated with a cybersecurity breach.
CyberPolicy distinguishes itself as a clearinghouse for information on protecting businesses against cyber risks. It is one of the only cyber insurance companies that creates a customized cyber security plan as a function of a business's specific cyber risks and that helps business to compare cybersecurity software and other risk reduction tools as part of its online insurance purchasing options. Cyberpolicy is a wholly-owned subsidiary of CoverHound, Inc., a San Francisco-based insurance and technology company. The company is backed by Chubb and other venture capital sources.
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