Also known as cyber insurance, network privacy & security liability insurance is a key investment for businesses worldwide. A report by Verified Market Research claims that the global cyber insurance market is currently expected to be valued at $32.47 billion by 2027.
Cyber insurance provides key protection for businesses dealing with sensitive data, including financial coverage for data breaches that impact confidential client and company information. The top providers of cyber insurance, including AXA, Travelers, and AIG can help your company cope with the legal and financial burdens caused by cybersecurity threats on the market today.
To help you find the cyber insurance coverage for your needs, here are some of the top insurance companies in the market today when it comes to the quality of customer service and service options.
As one of the leading insurance carriers in North America, AXA's plans include coverages for business interruption, data recovery, cyber extortion, and data breaches. They also offer personalized risk consulting to meet the unique needs of companies. In addition, they offer clients useful online tools to protect their computer systems from malicious threats.
Travelers provides a wide range of insurance plans that are designed to provide coverage for companies of all shapes and sizes. For instance, CyberFirst Essentials designed to shield small businesses from common cyber risks. Some key policyholder benefits include access to cyber coaches, pre-breach services, and access to a web portal for additional support and better network security.
With global claims expertise, AIG is one of the top cyber insurance providers in the insurance market today. They also offer detailed scoring and analysis in business reports to help customers choose the right policy that matches their profile. Their policies can be purchased on a standalone basis or combined with existing policies.
Chubb is the largest commercial insurance provider in the United States. They help businesses of all shapes and sizes address cyber risk through their extensive variety of insurance policies. Depending on the chosen policy, coverage can include media liability, business interruption, digital data recovery, telephone toll fraud, cyber extortion, computer fraud, and more.
Geared towards large global and middle-market businesses, AXIS' cyber liability coverage is for threats that cost up to $25 million in terms of limits. The company covers PCI-DSS non-compliance reports and other cybersecurity events. They provide an online application form for customers looking for protection from cyberattacks.
Beazely is one of the few insurance carriers that provide a comprehensive data breach response plan for your company, with a specialized team of forensics experts, legal experts, and public relations professionals that help address the aftermath of a data breach. The company has been in the cyber insurance business since 2009.
In the insurance industry, CNA helps companies cover cyber-related defense costs when it comes to network security liability. The company is awarded the highly prestigious UL Recognized Risk Engineers designation, making them experts when it comes to addressing cyber threats. CNA CyberPrep is also available to all policyholders and provides access to cyber professionals.
This insurance covers losses that arise out of an organization's failure to protect sensitive, personal, or corporate information in any format.
Cyber insurance generally covers your business's liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers driver’s license number, or health records.
Previously, cyber insurance was thought to be a costly luxury for small businesses. Today, however, the average cost of cyber coverage is $1,501 per year with only a 10% deductible.
Companies need commercial general liability insurance (CGL) to protect themselves from various financial losses. However, these insurance company policies do not cover cyber exposures despite the growing demand for such coverage.
With developing threats in every market worldwide, the cyber insurance market is thriving as more and more industries acknowledge the importance of seeking protection from data breaches and other threats. According to data from Security Intelligence, 2021 cybersecurity trends include ransomware and new risks associated with numerous employees working from home.
As a result, investing in a comprehensive liability insurance policy from an insurance company can help your business financially and legally recover from the impact of a cyberattack. To learn more about its benefits, read more about the basics of cyber insurance on our website.