In less than twenty years, cybersecurity insurance has grown from a fringe business into an obligatory risk management tool for every company that has any systems or computer network operations that allow internet access. As demand for cybersecurity insurance has grown, the number of companies that offer this coverage has increased,all with improved actuarial underwriting that accounts for each insured company’s specific exposure to financial losses due to breaches of their networks. The current pool of insurers that underwrite and offer cybersecurity insurance coverage are the pioneers in this field.
TechInsurance was founded in 1997 to offer insurance protection for information technology freelancers and small IT businesses. The company offers first-party cyberliability insurance that cover internal losses, and third-party coverage relating to losses experienced by a covered party’s clients. Specializing in errors and omissions insurance, TechInsurance continues to provide quality service.
The consulting and insurance giant, Aon, offers cyber risk insurance party to global Fortune 500 companies, small businesses, and most other sized entities between those two extremes.Aon’s online cyber diagnostic tool allows its clients to assess their exposure to network security and privacy breaches and to understand the magnitude of their exposure to financial losses associated with those breaches.
Chubb is the world’s largest publicly-traded property and casualty insurer. In the United States, Chubb offers an à la carte menu of cyberliability coverage options, including coverage specific to the privacy and regulatory needs of the healthcare industry.
CyberPolicy is one of the newer entrants on the list of cyber insurance providers. The company is a clearinghouse for information on protecting businesses against cyber risks. It focuses on helping businesses to create customized cybersecurity insurance plans and to compare and purchase cybersecurity software and services. CyberPolicy’s parent company is backed by Chubb and other entities.
The Hartford provides a variety of different cyberliability and data breach insurance products for every size business. Like its competitors, The Hartford offers cyberliability insurance as an add-on coverage to business owners’ and general liability policies that it offers to its clients.
SWBC is a privately-held diversified financial services company that offers insurance, mortgage, and investment services to financial institutions, businesses, and individuals. The company’s cyberliability protection insurance covers financial losses associated with electronic media liability compromised personal data, and fines and penalties levied by regulatory bodies after a data breach has occurred.
The Travelers Companies, Inc.
Travelers offers cyberliability coverage for multiple industries and different-sized businesses, including public entities, technology companies, and small businesses. Public entities, including municipalities, transit systems, and public sector organizations are at an increased risk of a cyberattack because of the type and volume of public information that they maintain. Travelers has developed a broad cyberliability coverage option for these public entities.
No list of companies that professes to be a Who’s Who of any entities in a particular industry will remain static. Insurance entities that currently offer business owner’s and general liability policies will likely add cyberliability insurance as demand for this coverage increases.
Competition among insurers will benefit covered parties with more favorable premiums, better coverage, and more experience to help those covered parties to protect themselves against data breaches and financial losses associated with those breaches. As long as hackers continue to take up the challenge of breaching an entity’s information systems network, cyber insurance providers will help their clients to erect barriers against those attacks and to recover their financial losses when those barriers may be breached.
When you’re in search of finding a cyber insurance policy, you’ll have a pool of choices to select from. Just make sure you get the best deal!