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Published On: Tue, Feb 7th, 2017

7 Cyber Insurance Companies Who Get Stuff Done

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

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.

Aon

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

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.  

photo/ Gerd Altmann via pixabay

The Hartford

The Hartford is another global insurance giant that offers cyberliability and data breach insurance coverage. The Hartford’s core business continues to be its business owners’ and general liability policies. It offers cyberliability insurance as an additional coverage, both separately or as a rider to its basic policies.

TechInsurance

TechInsurance is one of the earlier entrants in the cyber insurance industry. The company was founded during the late-1990’s technology boom as an insurance service provider for the burgeoning dot-com and information technology world. TechInsurance extended its offerings to include cyberliability coverage for direct internal losses and third-party losses resulting from successful hacking attacks on a company’s information systems networks.

SWBC

SWBC was founded in Texas more than forty years ago to provide insurance, mortgage, and investment services to financial institutions, businesses, and individuals. The company added its cyberliability protection insurance to covers losses associated with media liability from content on an institution’s website, employee dishonesty, unauthorized disclosure of personal data, and regulatory liability. The company’s cyber insurance policies have coverage limits of up to $20 million.

The Travelers Companies, Inc.

Travelers gears its coverage to public entities that face extreme cyberliability risks due to the large volume and the nature of information they maintain. The company also provides cyberliability coverage for public companies and small businesses, with a particular specialty in companies that are in the technology industries.

As the cyberliability insurance industry continues to expand to reach its projected fourteen billion dollar level, it is inevitable that other existing and new insurance entities will offer similar and new coverages for the cyber risks that companies will face. This new competition will drive premiums lower and create a better underwriting pool for insurers to understand and control their clients’ cyberliability risks. Hackers and cybercriminals show no signs of reducing their threats to information systems networks, but the cyberliability insurance industry will rise to the challenge and will continue to get stuff done to protect clients against hacking threats.

Author: Marry Clark

photo Gerd Altmann via pixabay

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