In recent years, cybersecurity has become one of the most sought-after forms of security available. That’s because of the rampant growth we’ve seen with hackers, with client information being the primary target.
With that, you can expect a few to get through your security. When that happens, you’d be glad to have Liability Insurance for your cybersecurity. You can only imagine how this holds true, especially for accounting firms that handle lots of confidential data.
Choosing a Cybersecurity Liability Insurance Provider
Preparation is key when it comes to mitigating the effects of a cyberattack. Below is a list of the top five cybersecurity insurance providers on the market.
You’ve probably heard of AIG before. They’re a well-known insurance firm with experience in most fields. This experience has worked well for them seeing as how they now have about 22% of the cybersecurity industry.
Another well-known insurer, Liberty Mutual has recently been credited as the 4th largest insurer in the U.S. Their two most popular cybersecurity options are Data Compromise, which is a first party coverage policy, and their CyberOne policy that provides third party defense and liability coverage.
One of the oldest on this list, HSB has been in the business of providing insurance policies since 1866. With their length of experience, clients are assured of top-notch services borne from centuries in the business.
They’ve adapted to modern society well seeing how they cover most forms of cyberattacks on computers as well as cyber fraud.
The second oldest liability insurance provider is Chubb, with business starting for this insurer way back in 1882. With their business, they’ve successfully captured about 12% of the world’s cyber insurance market. They’ve developed a collection of cybersecurity packages that cover most, if not all, scenarios.
Known more for their insurance policies covering all sorts of esoteric interests, Hiscox has adapted to the digital age by developing comprehensive cybersecurity policies. These policies allow clients to make claims up to $10-million.
It’s clear that getting insurance for your company is a must, and today’s digital age means that businesses can no longer neglect the importance of cybersecurity protection. For more information on what types of insurance your business may need, reach out to us at Assured Standard today!
Enhance your cybersecurity knowledge by delving into our blog post on the basics of Endpoint and VPN security. Discover valuable insights to bolster the protection of your small accounting firm, complementing the information on the best cybersecurity liability insurance options.
