Does Your Computer And Mobile Need Cybersecurity Insurance? Learn About The 10 Best Cyber Insurance Providers .Cyberattacks are not only a technological problem in today’s digital world, but they also pose a financial crisis, and that’s when cyber insurance comes in. This article describes what cyber insurance is and mentions the ten best cyber insurance providers.
Understanding what is cyber insurance cover and then choosing among the available options enable a firm to curb down cybersecurity loss ratio. Insurance vendors perform a cyber insurance risk assessment before working with a company.
Hence, people must know what does cyber insurance cover generally. Moreover, companies should understand what does cyber insurance cover and what does cyber insurance not cover. So here are the ten best cyber insurance providers:
1. XL Group Limited
Located in Bermuda, the company offers cyber insurance for technical errors and omissions liability in Canada and the US. After being acquired by AXA, the company is now known as AXA XL, and its XL catlin cyber insurance application is available online for individuals and businesses up to $15 million and has the most significant cyber insurance market size.
2. American International Group
Also known as AIG, the company has a cyber insurance market 2019 share of 12.3% and does businesses in more than 80 countries worldwide. AIG’s base product, CyberEdge, covers financial loss due to event management, cyber extortion, data restoration, and network disruptions in addition to the physical damages caused by cyberattacks.
3. Chubb Limited
Based in Switzerland, Chubb Ltd is widely known for its ERM (Enterprise Risk Management) product for a wide range of industries and individuals. Moreover, the company has a market share of 17% and covers up to $100 million for most risk classes such a payment card loss, telephone fraud, media liability, and a lot more.
4. Travelers Companies Incorporated
Travelers CyberRisk Insurance is the organization’s main cyber insurance product that can be employed from small businesses up to many Fortune 500 companies and is available as a standalone package or a part of any other insurance packages. Moreover, it offers three different products for cybersecurity, CyberFirst for technology companies, for public entities and small businesses.
5. Beazley Insurance Corporation
Beazley’s cyber insurance known as Beazley Breach Response (BRR) offers 360o protection services such as BBR Services for managing the response to incidents. Beazley is a specialist insurer in Asia, Europe, and North America and is well known for cyber breach and network security products.
6. AXIS Capital
AXIS offers two types of cyber insurance products, PrivaSure, which covers data security and TechNet Solutions that deal with errors and omission exposures for internet-based products. The company offers insurance in industries such as agriculture, logistics, law firms, technology, governments, manufacturers, healthcare, and many more.
7. CAN Financial Corporation
CNA’s NetProtect for security breaches has access to risk control consultants in addition to having underwriters with an average experience of 10 years in the cyber sector. The insurance covers for loss due to e-theft, network damage, and network security liability, costs to comply with privacy breach laws, and a lot more.
8. BCS Financial Corporation
Plan Cyber Liability, a BCS cyber insurance product, is developed for Blue Cross and Blue Shield companies, and the commercial insurance company has Commercial Cyber Liability. Licensed in 50 states, company insurers on assets up to $30 million, and provides business solutions worldwide through agencies and subsidiaries.
9. Zurich Insurance Group
Zurich, a global multi-line insurance company, provides cyber insurance with coverages and features that can be tailored to meet the customized needs of small and mid-sized companies. The insurance group covers first-party insurance on breach costs to third-party regulatory proceedings defense costs. The entire system is built on people, process, and technology for an information security management system.
10. Fairfax Financial Holdings Limited
Located in Canada, Fairfax is a multi-national insurance and reinsurance company that is well-known in cyber insurance due to its experience in underwriting, relation with their brokers, and way of handling claims and insures up to $40 million.
To conclude, even though cyber insurance is a new booming business, more than 70 companies wrote cyber insurance policies by 2019. Moreover, the cyber insurance market size is estimated to grow due to more severe cases of cybercrimes nowadays.