10 Best Cyber Insurance Companies for 2024 [COMPARED]

The safest way to deal with cyber breaches is to prevent them from happening. Read this review to compare the top Cyber Insurance Companies to protect your business: 

Cyber risk is one of the largest threats facing all types and kinds of businesses today. Cyber attack insurance companies help businesses protect themselves against potential cyber security breaches. Examples of cyber risks include malware and phishing (known as target attacks), as well as accidental attacks.

Cyber liability coverage protects data, privacy, and network exposure. As business technology grows bolder, hackers are becoming aggressive, and cyberattacks are more frequent every dawn. Businesses must protect their valuables from a possible cyber-attack occurrence.

However, cyberattacks are inevitable and there’s no magic bullet to keep them at bay. A business obtaining cyber security insurance does not necessarily mean they’re safe from a cyber breach.

Cyber Insurance Companies – Review

While the safest way to deal with cyber breaches is to prevent them from happening, having cyber liability insurance and a solid cyber security plan is instrumental for a company to swiftly respond to cyber threats–if they happen.

We’ve done a comparison of the best Cyber Insurance companies with an emphasis on key areas such as the core cyber security services, company’s revenue, year found (to help you know how long they’ve been around), locations, a list of pros and cons, what the company is best for, and our verdict to help you decide.

We also have a comparison table for our top cyber insurance companies for those who want to make quick decisions.

The report also shows that, since the COVID-19 pandemic, cyber insurance has witnessed a significant impact on demand, with a global market growth of 22.4% in 2020 compared to the previous years.

This is because the increased number of work-from-home workers also increased the risk of cyberattacks, as the majority of employees were connected through an unprotected network.

Another imperative factor to note is that the integration of Blockchain and Artificial Intelligence (AI) technologies with insurance solutions will boost market growth. Blockchain offers transparency, efficiency, cost-saving, faster results, and fraud mitigation in real time. AI helps increase the underwriter’s efficiency with a precise prediction of risk threats.

As data breaches incident increase, insurance demand is growing and the premium rates are raised by as much as 30%. The high cost of insurance policies is likely to slow the market growth.

First-party insurance increases as data destruction, online theft, extortion, and hacking activities increase. Large enterprises are expected to dominate as cyberattacks increase. Refer to the image below:

In other reports, ransomware remains the number one cyber threat, with multiple extortions to be expected. Attacks on supply chains are also increasing as industry players deploy extensive use of software and hardware from third-party providers.

Last, institutions with critical infrastructure such as hospitals, energy providers, and administrative bodies, among others have experienced an increase in digital attacks.

Prepare for the underwriting process:

• Start early.
• Evaluate your cybersecurity maturity by reviewing the required applications.
• Expect more rigorous underwriting and comprehensive questions from underwriters.

Top 5 Cybersecurity controls requirements to expect from an insurer:

• Multifactor authentication for remote access and admin controls
• Endpoint Detection and Response (EDR)
• Secured, encrypted, and tested backups
• Privileged access management
• Email filtering and web security

Other controls include:

• Patch management and vulnerability management
• Cyber incident response planning and testing
• Cybersecurity awareness training and phishing testing
• Hardening techniques, including Remote Desktop Protocol (RDP) mitigation
• Logging and monitoring/network protection
• End-of-life systems replaced or protected
• Vendor/digital supply chain risk management

It’s crucial to understand that it’s your responsibility to put in the effort to reduce your cyber risks. Also, keep in mind that different insurance companies or brokers have different cybersecurity controls based on their company size, industry, and revenue size.

How Cyber Insurance Works

Cyber insurance follows the same process as a normal insurance policy (such as property, life, or health insurance) would. Cyber-attack insurance companies offer other types of business insurance that you’re likely familiar with.

However, cybersecurity insurance is divided into first-party coverage (which covers the direct impact on a business) and third-party coverage (which covers losses incurred by others who might have a business relationship with the affected business).

What Does Cyber Insurance Cover

There are different coverages that cyber liability insurance companies provide. Typically, a company or business needs to identify the specific risks they face for them to get the right coverage.

Below are the main areas that cyber insurance covers:

• Breach costs, such as customer notifications, forensic costs, credit protection, etc.
• Cyber extortion covers response costs and financial payments.
• Cyber Crime, covers financial losses.
• Business interruption, business unable to operate as usual.
• Data recovery covers costs to restore, replace or repair destroyed data and software.

What Cyber Insurance Doesn’t Cover

Cyber insurance doesn’t cover the following scenarios:

• Property damage
• Criminal proceedings
• Funds transfer losses
• Prior acts or pre-existing knowledge
• Intellectual property
• Intentional acts
• System or infrastructure failure

Who Needs Cyber Liability Insurance

Almost every business that exists in today’s era needs cyber liability coverage. However, it’s essential to have cyber insurance if your business accepts digital payments, uses computers or mobile devices, collects and stores confidential customer info, or keeps data (financial or medical).

In other words, you need cyber liability insurance if your business fully or partially uses technology to operate.

Cyber Insurance Benefits and Drawbacks

Below are the advantages and disadvantages of cyber insurance.

Benefits:

• Offsets data breach costs.
• Business interruption incentives.
• Defense against cyber extortion.
• Many insurers provide cyber risk education.

Drawbacks:

• Can be too expensive.
• Limited coverage.

Most Frequent Claims for Cyber Insurance

The most frequent claims for cyber insurance are ransomware, hacking, phishing, and employee negligence. However, ransomware is the leading cyber insurance claim. Unfortunately, many cybersecurity insurances provide limited ransomware coverage.

How Much Does Cyber Insurance Cost

Although it’s not straightforward to tell how much cyber insurance would cost, AdvisorSmith quotes the average cost in the United States in 2021 to have been $1589 per year.

It is important to understand that different cyber risk insurance companies will offer different premiums based on different factors. These factors could include the type of risks you face, the size of your company, and the industry you’re in, among others.

Frequently Asked Questions

Q #1) Who is the best cyber insurer?

Answer: We’d recommend the following three for you. Hiscox – best for small businesses, AXA XL – best for technology companies, and CNA insurance – best for all types of businesses in any industry.

Q #2) What should I look for in cyber insurance?

Answer: Your ideal cyber insurer should be able to cover the following: data breaches, cyber extortion, cybercrime, business interruption, and data recovery.

In addition, look out for their ability to pay claims. You could do that by checking their A.M. Best rating. Don’t forget customer service as well as transparency.

Q #3) What is Cyber Security insurance?

Answer: Cyber security insurance is a protection against cyberattacks or data breaches. It helps a business to shield itself from computer-related crimes and losses, or risks that result from using technology to run a business.

Q #4) Is there insurance for cyber-attacks?

Answer: Yes, it’s called cybersecurity insurance or cyber liability insurance and can help you reduce the financial risks that come with running a business online or using technology to run a business.

Q #5) Why does a small business need cyber insurance?

Answer: It’s almost impossible for a business not to use technology or online resources to carry out its operations in the 21^st century. It is critical to have a cyber liability insurance policy to protect your business in the event of a cyberattack.

Q #6) When should I buy cyber insurance?

Answer: Cyberattacks are unpredictable. You will need cyber insurance if your business collects, stores, and processes sensitive customer data, such as medical records, addresses, and financial information. There’s no better time than now.

List of the Best Cyber Insurance Companies

Some popularly known Cyber Security Insurance Companies:

1. Hiscox
2. AXA XL
3. CNA Insurance
4. Beazley USA Insurance Group
5. Chubb Cyber Insurance
6. AIG
7. Hartford
8. Travelers
9. BCS Financial
10. Zurich North America
11. Axis Cyber Insurance

Comparison Table of the Top Cyber Insurance Firms

Detailed reviews:

#1) Hiscox (Atlanta, Georgia)

Best for small businesses.

Hiscox is one of America’s leading small business cyber insurance companies with over 500,000 customers. The insurer can help you protect your small business from malware and hackers with cyber security insurance. It’s best known for its industry-specific coverage solutions with 24/7 claims filing.

Hiscox cyber security insurance key coverage features include:

• Protection against regulatory fines and privacy lawsuits.
• Data recovery costs and business revenue loss.
• Resources to respond to breaches in case of an attack.
• Phishing can lead to money loss.
• Access to Hiscox CyberClear Academy.
• Data, network and privacy exposures, and more.

The company also offers optional coverage for cyber deception, social engineering, and cybercrime. Insured can upgrade their package to include a digital media upgrade that covers costs to protect and resolve online content-related claims, such as privacy invasion, trademark or copyright infringement, defamation, etc.

Founded in: 1901
Employees: Over 3000
Headquarters: Atlanta, Georgia
Locations: USA, UK, Spain, Germany, Portugal, Netherlands, Ireland, France, Belgium, Bermuda.
Core Services: Breach costs, cybercrime, cyber extortion, business interruption, data recovery, and digital media.

Other Services: Business insurance, general liability insurance, professional liability insurance, errors and omissions, worker compensation, and other coverage.

Revenue: 3.028 billion GBP (2021)

Pros:

• You can purchase policies online.
• Professional liability policies.
• Direct purchase.
• 14-day money-back refund policy.
• Discounts are available when you buy at least two products.
• A variety of insurance products are available.
• Easy to use website.
• Mobile app.

Cons:

• Customer service could be better.
• Some plans require multiple providers for full protection.
• Some products are only available online.

Verdict: If you’re a small business looking to work with an established cyber insurance company, then you should consider Hiscox.

Besides, Hiscox protects over 180 professions, such as architecture & engineering, beauty, health, property, and retail, among others. That means you can quickly get what works for your profession with their tailored plans.

Pricing Information: Get a quote

Website: Hiscox

#2) AXA XL (Stamford, Connecticut, United States)

Best for businesses in the technology industry.

If Hiscox isn’t available for you or doesn’t offer a package you want, consider AXA XL. AXA XL insurance offers a full range of cyber insurance solutions that are flexible for unique risks.

Their proactive risk management team is always on standby to provide clients with services, tools, and resources to help identify, mitigate, and act against cyber threats at the right time.

AXA XL has categorized its cyber insurance into three major groups – coverage for North America, International Coverage, and Technology Error & Omissions Coverage. CyberRiskConnect, North America’s coverage cyber and technology insurance policy, provides comprehensive coverage and is available on an excess or primary basis.

International coverage cyber insurance solutions is designed for both first-party losses and third-party liability. Third-party liability coverage includes data breaches, security and privacy liability, and media internet communications.

First-party losses include cyber extortion, data restoration, business interruption, and loss or destruction of electronic assets, among others.

The Technology E&O coverage provides cover for negligent misrepresentation or breach of duty, failure of tech products to meet specific standards, and infringement of intellectual property rights, among others.

Founded in: 1986
Employees: 12000
Headquarters: Stamford, Connecticut, United States.

Locations: APAC & Europe, Australia, Austria & Central & South Eastern Europe, Canada, Deutschland, France, Hong Kong, Iberia, Ireland, Nordics, Osterreich, Schweiz, Singapore, UK & Lloyd’s, US

Core Services: CyberRiskConnect, International coverage, and Technology E&O coverage.

Other Services: Captives, casualty, construction, environmental, excess & surplus, property, professional liability, structured risk solutions, wholesale insurance, alternative distribution, specialty, risk consulting, etc.

Revenue: $9 Billion

Pros:

• Flexible insurance policies.
• Enhanced privacy regulatory coverage.
• Detailed security and privacy coverage to incorporate confidential business information.
• Post-breach response partners.
• Coverage of PCI fines and assessments.

Cons:

• Their comprehensive cyber risk coverage can be overwhelming.

Verdict: We’d recommend AXA XL insurance company to anyone looking for a mixture of diversity and sophistication in cyber insurance coverage. The company is at a different level when it comes to cyber and technology matters, offering the best-in-class cyber insurance services.

Pricing Information: Get a quote

Website: AXA XL

#3) CNA Insurance (151 North Franklin Chicago, Illinois, USA)

Best for all types of businesses in different industries.

CNA is the 7^th largest US commercial insurer (by direct premiums written) as of 2021. The insurer has more than 15 years of cyber coverage expertise with industry-specific cyber risk solutions tailored for companies with at least two years of operating history.

Their cyber insurance coverage includes:

• Broad media
• Network failure
• Reputational harm
• Dependent business income
• Voluntary shutdown
• E-theft and social engineering
• Wrongful collection
• Payment Card Industry (PCI)

In addition, CNA cyber insurance companies have special programs and policies built to curb the changing and sophisticated cybercrime.

For instance, CNA NETPROTECT 360 is a cyber policy that provides access to risk management and underwriting acumen that pool insurance, people, technology, and controls into an all-inclusive solution for businesses.

That’s just one, other policies such as EPS PLUS are developed for professional services firms, and EPACK 3 is designed for management and professional liability risks available to policyholders.

Finally, there’s CNA CYBERPREP, a dynamic program of cyber risk services available to all policyholders. It is useful in three key processes – threat identification, mitigation, and response.

Founded in: 1897
Employees: 6700 (2016)
Headquarters: 151 North Franklin Chicago, Illinois, USA
Locations: USA, Canada, and Europe
Core Services: CNA NETPROTECT 360, EPS PLUS, and CNA CYBERPREP.

Other Services: General liability, management & professional liability, property, marine, commercial auto, casualty, equipment breakdown, warranty & alternative risks, risk control, etc.

Revenue: $9.366 billion (2016)

Pros:

• Customized plans
• Diverse cyber security policies
• Mobile-friendly platform
• CNA’s eRiskHub Web Portal
• Incident Response Plan (IRP)

Cons:

• You need to contact the agent to get a quote.
• Customer service could be better.

Verdict: CNA doesn’t offer generalized cyber security insurance policies. They believe every client has unique exposures and needs to define their needs for them to get personalized plans. With a 5-star coverage option rating and a great digital experience, we’d recommend this cyber insurance company to anyone looking for diversity.

Pricing Information: Get a quote

Website: CNA Insurance

#4) Beazley USA Insurance Group (London, UK)

Best for small and medium-sized firms in the tech, media, and healthcare industries.

As the nature of cyber risks keeps growing in complexity, Beazley insurance believes that providing insurance coverage only isn’t enough and there’s a need to offer comprehensive guidance on risk mitigation, prevention, and incident response.

Their priority is to understand clients’ business models and do an in-depth exposure analysis to design useful insurance coverage.

In addition, Beazley’s 360-degree prevention approach is designed to help protect clients’ vital resources from cyber risks. Their cyber security coverage is crafted to indemnify clients against the financial costs of lawsuits. The insurer does not just offer insurance coverage, but also provides policyholders with first-hand risk management advice.

Beazley’s cyber liability coverage arena has a wide array of products categorized into four major product lines.

They’re as follows:

• Beazley Breach Response with an outstanding BBR policy that offers breach response services for up to 5 million affected persons, computer forensic services, legal services, etc. Other coverages in this policy include; first party (cyber extortion loss, data recovery loss, data & network liability, etc.), third-party coverage (full media, payment card liability & costs, etc.), e-Crime (such as telephone fraud, funds transfer), and criminal reward coverage.
• Information security and privacy – coverages include; breach response costs, first party, third party, e-crime, and criminal reward coverage.
• Media Tech – coverage includes: Errors & omissions (such as unintentional breach of contract for professional liability exposure), media coverage (such as defamation, invasion of privacy, and plagiarism), and coverages in info security and privacy.
• Beazley media – target market includes multimedia companies and entertainment of all sizes, worldwide. Limits – up to $20 million or £10 million.

Founded in: 1986
Employees: Approx. 1550 (Dec 2021)
Headquarters: London, UK.

Locations: United Kingdom & Continental Europe, United States, Canada, Asia Pacific, Latin America, and Australia.

Core Services: Beazley Breach Response, Information Security and Privacy, Media-Tech, and Beazley media.

Other Services: Executive risk, healthcare, reinsurance, contingency, political risks & contingency, specialty lines, property, marine, esports, Beazley digital, specialty risks and US programs, Beazley benefits.

Revenue: $4618.9 (millions)

Pros:

• Strong financial ratings
• Great customer service
• Myriad of coverage options
• Personalized products
• A dedicated team of underwriters for small & large businesses
• Easy to use website

Cons:

• The online chat option is not available on the website.

Verdict: Beazley is an excellent choice for small and medium-sized businesses in the tech, media, and healthcare industries looking for not only cyber insurance coverage but also commercial coverage. The insurer has a wide range of coverage products with a strong financial rating, making it stand out from other major insurers.

Pricing Information: Get a quote

Website: Beazley USA Insurance Group

#5) Chubb Cyber Insurance (Zurich, Switzerland)

Best for companies of all sizes across the globe.

Chubb Commercial Insurance offers cyber insurance coverages to both businesses and individuals & families. Regardless of your business size, Chubb’s customizable solutions provide the insurance protection you need. The company’s cyber products accommodate privacy, media, Error & Omissions, and privacy.

Business cyber products are available in three categories: Cyber Enterprise Risk Management (Cyber ERM), DigiTech Enterprise Risk Management (DigiTech ERM), and Integrity+ by Chubb.

Cyber ERM: Chubb provides a specific level of cyber protection to any organization (all sizes across all industries) that manages or owns sensitive employee or customer info, a computer network, or third-party corporate information.

DigiTech ERM: Targets general tech services, data processors, software developers, application services providers, and consultants or integrators of software, hardware, and systems architecture.

Integrity+: Chubb’s policy discerns between clients’ different liabilities and commitments and responsively tells apart the claims made by customers from those made by vendors.

Policyholders can select from four different coverages tailored to work independently or dependently. Integrity+ targets tech, life sciences, healthcare info tech, process control, etc.

For individual & family cyber coverage, Chubb’s Masterpiece Cyber Protection policy covers policyholders from cyber extortion and ransomware, cyber financial loss, cyberbullying, cyber disruption, and cyber breach of privacy, among others.

Founded in: 1985
Employees: 31000 (Dec 2021)
Headquarters: Zurich, Switzerland
Locations: Asia Pacific, Europe, Middle East, and Africa, Latin America, and North America.

Core Services: Cyber Enterprise Risk Management (Cyber ERM), DigiTech Enterprise Risk Management (DigiTech ERM), Integrity+ by Chubb, and Chubb’s Masterpiece Cyber Protection.

Other Services: Individual & Families (home, valuables, auto, boats & yachts, liability, travel), Businesses (workers compensation, professional liability, accident & health, marine, workplace benefits), Life & Health Protection (supplemental insurance, personal accident & health, employer-provided benefits).

Revenue: $40.96 billion (2021)

Pros:

• No minimum premiums.
• Online quoting and real-time policy issuance.
• Excellent ratings from rating firms.
• Great customer service.
• Diverse insurance policies for different industries.
• Robust financial stability.
• Cybercrime coverage by endorsement.
• Innovative, highly customizable risk solutions.

Cons:

• No online live chat option.
• Comprehensive coverage options can be overwhelming for some businesses.
• The digital experience could be better.

Verdict: If you’re out there looking for a cyber insurance company that can offer your business comprehensive protection against cyber threats, then Chubb could be the one. The company has a substantial network of brokers and agents that makes it easy for anyone to get quotes or answers to their questions.

However, try a different provider if you’re not looking to spend a little more on cyber insurance.

Pricing Information: Get a quote

Website: Chubb Cyber Insurance

#6) AIG (New York City, USA)

Best for businesses looking for cyber insurance solutions to help safeguard against data breaches, employee errors, and computer hacking.

AIG is one of the most recognized cyber security insurance companies in the United States. The company has nearly 20 years of writing cyber security insurance with an A rating from AM Best. AIG leverages data and analytics to better understand its clients’ cyber risk for them to provide dynamic services to address vulnerabilities.

AIG’s cyber security coverage offers solutions for both physical and non-physical losses that either result from a cyber event on a typical basis (CyberEdge or CyberEdge Plus) or excess basis (CyberEdge PC). All these coverages have limits of up to $100 million and no min retention.

CyberEdge policy covers network interruptions, data restoration, financial costs associated with third-party costs, cyber extortion, and breaches. CyberEdge Plus, on the other hand, covers losses in the physical world caused by a cyber event such as business interruption or first and third-party property damage.

Finally, CyberEdge PC takes care of cyber coverage that exceeds traditional property and casualty policies on a DIL basis.

Policyholders receive comprehensive threat scoring and analysis reports that aid them to understand their coverages and cyber maturity. In addition, insureds are provided with a wide range of tools and services to help with extra protection from cyber threats. Lastly, the company provides 24/7 hotline services for quick communication.

Founded in: 1919
Employees: 49600 (2020)
Headquarters: New York City, USA
Locations: America, Europe, Asia Pacific, Middle East, and Africa
Core Services: CyberEdge, CyberEdge Plus, and CyberEdge PC.

Other Services: accident & health, marine, management liability, aerospace & aviation, casualty, financial institutions, political risks, property, trade credit, professional liability, etc.

Revenue: $52.06 billion (2021)

Pros:

• 24/7 claims hotline.
• End-to-end care.
• Data and analytics.
• Available claims experts and partners.
• Personalized application process.
• Technology-based cyber risk and underwriting.
• Up to $100m insurance limits.

Cons:

• Only three policy options.

Verdict: AIG is an ideal cyber insurance company for those looking not just for cyber insurance but for a better understanding of cyber risks through data and analytics.

Besides, if you love tech-driven solutions, then you’ll love AIG’s CyberMatics – a patented technology-driven underwriting process that’s instrumental in cyber risk posture verification, among other things.

Pricing Information: Get a quote

Website: AIG

#7) Hartford (Hartford, Connecticut, United States)

Best for small and large businesses

Hartford insurance company provides two cyber security policies (cyber liability insurance and data breach insurance), one for small businesses with less than $100M and the other for large businesses with more than $100M.

However, they also offer special solutions for tech companies and have a third-party vendor service that provides more security-privacy services to its clients.

For instance, CyberChoice’s first response cyber risk coverage offers complete cyber coverage for small businesses. It protects the insured from data privacy and network security liability, privacy regulatory proceedings & fines, PCI loss, digital media, cyber extortion loss, affirmative cyber terrorism coverage, and many more.

CyberChoice Secure has limited up to $500M for primary and $1B for excess. It includes unlimited notification coverage, privacy regulation proceedings, deliberate acts exclusion only applies to acts by executive officers, rogue employees, PCI fines, and so much more.

Hartford’s Cyber First Responders policy helps the insured with cyber learning and resource center, 24/7 cyber claims hotline, and cybersecurity & data privacy incident response, ransomware mitigation suite, and penetration testing, among others.

Hartford has a cyber center that provides cyber security information on how to respond in the event of a breach and how to mitigate cyber risks.

Founded in: 1810
Employees: Approx. 18,100
Headquarters: Hartford, Connecticut, United States.

Locations: US (West Division, Northeast Division, Southeast Division, North-Central Division, Central Division)

Core Services: CyberChoice First Response (for companies with less than $100M), CyberChoice Secure (for companies with more than $100M), CyberChoice Professional Technology (a full E&O solution for Tech companies), and CyberChoice First Responders (third-party vendors).

Other Services: Auto insurance solutions (car, classic car insurance, all vehicle insurance), Home insurance (renters, condo, flood, umbrella, and homeowners insurance), Business insurance (small and large businesses, owners policy, general liability insurance, commercial auto insurance, etc.).

Revenue: $21.44 billion

Pros:

• Clear information about their policy plans.
• Flexible and customizable plans.
• Online quote process.
• They provide easy-to-read forms with links to definitions.
• Good explanation of what is covered and what is not by their insurance policies.

Cons:

• The claims process needs some improvements.
• Customer service seems to leave more to be desired.

Verdict: Hartford insurance offers a variety of cyber policies and custom plans that are suitable for both small and large businesses. If you’re looking for cyber liability insurance or data breach coverage, that’s clear on what you get, then look no further than the Hartford insurance company.

Pricing Information: Get a quote

Website: Hartford

#8) Travelers (New York, New York, United States)

Best for retailers of all sizes.

Travelers insurance has an A++ rating from AM Best and it’s among cyber risk insurance companies that offer coverage options for businesses of all sizes. The company provides cyber insurance solutions tailored for businesses at different stages.

Besides, Travelers offers policyholders additional benefits such as risk management services, value-added pre-breach and post-breach at no extra cost.

Small business retailers can leverage Travelers CyberFirst Essentials policy (specifically tailored for them) to shield themselves against cyber threats. Note that CyberFirst Essentials is not an independent policy – you need a business owner’s policy to get it.

The policy covers the following:

• Breach notifications to clients.
• Credit card tracking services.
• Public relations consultants retain costs.
• Forensic & consulting fees for data breaches cause identification and settlement.
• Defense and settlement costs if you’re sued.

CyberRisk policy, on the other hand, is available for both small local businesses and fortune 500 companies. It’s a standalone policy, suitable for those interested in cyber insurance only. Travelers’ CyberRisk Tech has extensive cyber coverage designed to meet the complex needs of tech companies.

It includes liability coverage, breach response, cybercrime, and business loss coverage.

Lastly, CyberRisk for public entities is tailored to public entities and it provides 17 insuring agreements. They include liability coverage (media, privacy & security), breach response (cyber extortion, data restoration), cyber-crime (computer fraud, social engineering), and business loss (system failure, business interruption).

Founded in: 1864
Employees: Approx. 30,000
Headquarters: New York, New York, United States.
Locations: United States, Canada, UK, and Ireland

Core Services: CyberRisk, CyberRisk Tech for Technology companies, CyberRisk for Public Entities, and CyberFirst Essentials.

Other Services: For Business (commercial auto & trucking, property, surety bonds, workers compensation, risk control, premium audit, etc.), for individuals (car, home, renters, condo, travel, umbrella, etc.).

Revenue: Approx. $32 billion (2020)

Pros:

• Strong financial health.
• eRisk Hub, a web-based portal containing useful tech resources and info.
• Customized insurance solutions based on a business’s level of risk.
• Travelers cyber security coaches at no additional cost.
• Travelers cyber academy.
• Coverage for companies of all sizes.
• Helpline.
• Mobile app.

Cons:

• Must work with an agent to get a quote.
• Customer service could be better.

Verdict: Travelers insurance company is the second-largest commercial insurer in the US. Its mighty depth and breadth of product offerings with considerable financial strength make it ideal for retailers.

The company’s cyber liability insurance coverage has options that meet the needs of every organization – from small businesses to Fortune 500 companies.

Pricing Information: Get a quote

Website: Travelers

#9) BCS Financial (Oakbrook Terrace, Illinois, United States)

Best for insurance agents or brokers.

BCS insurance is a small private insurance company that offers several cyber insurance coverages across the 50 states of America. Although small, the company has a financial strength rating of A (excellent) from AM Best, a rating assigned to insurance companies that have an excellent ability to meet their ongoing insurance obligations.

The company offers four products to help you protect your business from cyber risks. These cyber insurance coverages include:

• CyberBlue: A cybersecurity insurance solution for Blue Cross Blue Shield plans with typical coverage of up to $60 million
• Micro Cyber: A cyber liability policy tailored for small to medium-sized businesses. (Quote can be processed in under two minutes)
• Excess Cyber Liability: Follow-form excess plan and can be offered on an independent basis, or in combination with either cyber security or privacy & tech
• Nano Cyber: A cyber liability insurance program for insurance agents or self-employed people. It includes E&O and Cyber Liability designed for insurance agents.

Founded in: 1948
Employees: 51 – 200
Headquarters: Oakbrook Terrace, Illinois, United States.
Locations: US 50 states, the District of Columbia, and Puerto Rico.
Core Services: CyberBlue, Excess Cyber Liability, Micro Cyber, Nano Cyber

Other Services: Medical Indemnity, Group Voluntary, Stop Loss, Excess of Loss/Reinsurance, Agent E&O Insurance, Travel and Financial Services.

Revenue: $171.19M (2021)

Pros:

• Excellent financial strength rating.
• Writes policies for some of the top-rated US insurance firms.
• Exceptional customer service.
• Has a strong community presence.
• Great online chat.

Cons:

• No direct quote form on their website.
• Limited cyber insurance coverages.

Verdict: While BCS insurance has been around for more than 70 years, there is little info online about the company. However, the insurer is doing exemplary in the B2B field. We’d recommend this company to insurance agents or brokers looking for a partner to help them write cyber liability coverage for their clients.

Pricing Information: Get a quote

Website: BCS Financial

#10) Zurich North America (Zurich Way, Schaumburg, IL United States)

Best for Fortune 500 and Middle Market businesses.

Zurich North America insurance is one of the largest and most experienced providers of commercial insurance products and services in the United States and Canada. The company focuses on Fortune 500 (which includes 95% of its customers) and Middle Market businesses. It has a financial strength rating of AA (stable) from S&P and A+ (stable) from A.M. Best.

The Zurich Cyber Insurance Policy helps businesses protect themselves from the risk of a serious data breach. In addition, with its Cyber Risk Engineering services, organizations receive an initial complimentary consultation with experienced Zurich Cyber Risk Engineers.

Key coverage and benefits include:

• Liability Coverages: Security and privacy, regulatory proceedings, defense costs, civil fines, and penalties, and media liability coverage.
• Non-liability Coverages: Privacy breach costs, business income loss, dependent business income loss, digital asset replacement expense, cyber extortion threats, system failure, etc.
• Additional Policy Highlights: Coverage limits available up to $25M, business interruption coverage, affirmative coverage for wrongful data collection, non-vendor restrictions, and more.

An optional 24/7 network monitoring service is available to organizations selecting the Zurich Cyber Insurance Policy.

Founded in: 1912
Employees: Approx. 56,000 worldwide
Headquarters: Zurich Way, Schaumburg, IL United States.
Locations: US and Canada

Core Services: Zurich Cyber Insurance Policy includes the following coverages and benefits: Liability coverage, non-liability coverage, and cyber risk engineering services.

Other Services: Accident and Health, captives, builders risk, casualty, excess and surplus, marine, management liability, property, surety, umbrella, programs, workers compensation, vehicle rental business insurance, etc.

Revenue: USD 5.7 billion (2021)

Pros:

• Friendly customer service
• Efficient website
• Great financial strength rating
• A fairly quick underwriting process

Cons:

• The claim process could improve.
• Get a quote button is not available on the website.

Verdict: Zurich’s cyber insurance policy provides broad cyber risk coverage and features instrumental for medium size and large organizations.

Besides, their cyber risk engineering services enhance cyber risk preparedness in several ways such as cyber risk gap analysis, strategic roadmap, ransomware threat assessment, etc. Zurich is a great cyber insurance company for mid-sized and huge businesses.

Pricing Information: Get a quote

Website: Zurich North America

#11) Axis Cyber Insurance (Pitts Bay Road AXIS House Pembroke, Bermuda)

Best for large global and large middle market businesses.

AXIS is one of the top-ten cyber security insurance companies that has been recognized as a leader in the insurance industry. Also, it has a rating of A+ from S&P and a rating of A from A.M. Best.

The company offers clients and brokers comprehensive expertise in data security management, and guidance on incident and cyber incident response preparation.

The insurer has the following cyber insurance solutions:

• AXIS Cyber Insurance (ACI) – designed for large global and middle-market businesses.
• AXIS Business Interruption Insurance
• AXIS Data Restoration Insurance
• AXIS Media Insurance for content published on websites & social media.
• AXIS PCI fines & recertification insurance
• AXIS outside limits crisis management & fraud response insurance.

AXIS insurance helps protect businesses from cyber threats in three different ways:

• Preparation: Through a range of cyber risk management services. Examples include cyber tabletop exercises, compromise assessments, security & phishing training, etc.
• Protection: Key coverages include: Business Interruption (e.g., a voluntary shutdown of the business, forensic accounting costs), Other first-party coverage considerations (data recovery, undiscovered cyber events that occur before the start of policy, funds to replace electronic devices, etc.), General Coverage Considerations (privacy regulatory cover, cover for private actions under BIPA, cyber terrorism, privacy incident, etc.)
• Response: AXIS guides policyholders to a quick recovery in the event of a cyber incident with the help of cyber incident response vendors who provide access to notification services, ransomware and extortion services, data subject services, etc.

AXIS insurance provides up to $25 million policy limits of liability.

Founded in: 2001
Employees: 2000+
Headquarters: Pitts Bay Road, AXIS House, Pembroke, Bermuda.
Locations: USA, Canada, Asia Pacific, Belgium, Ireland, United Kingdom, and Switzerland
Core Services: AXIS Cyber Services, Tech E&O, and Cyber.

Other Services: Accident & Health, Management liability, property, renewable energy, professional liability, casualty, program business, and home-based business.

Revenue: 6.7B USD (2021)

Pros:

• Quick decision-making.
• Solid claim-paying ability.
• Risk management services and tools.
• Training for AXIS policyholders (understanding cyber security and insurance course).

Cons:

• Poor customer service.
• Claims settlements need improvement.

Verdict: If you’re looking for a cyber insurance company with the ability to handle complex risks, then AXIS could be it. The company claims to have deep expertise in insurance and is not afraid to take on complex risk profiles. Besides, the company’s cyber insurance coverage approach looks promising and easy to understand.

Pricing Information: Get a quote

Website: Axis Cyber Insurance

Conclusion

There are numerous cyber insurance companies available. What makes the best cyber insurance companies stand out from the rest? Several factors exist. However, the ability to meet a policyholder’s expectations, such as providing diverse cyber insurance coverages, paying out claims on time, offering excellent customer service, and easy-to-understand products, are the most desired.

We recommend Hiscox insurance company for small companies, AXA XL for businesses in the tech industries, and CNA insurance for all types and sizes of businesses. However, you might want to check out Beazley if you fall in the small and medium-sized firms category in the tech, media, and healthcare industries.

Research Process:

• Time Taken to Research and Write this Article: We spent 36 hours researching and writing this article so you can get a useful summarized list of tools with a comparison of each for your quick review.
• Total Companies Researched Online: 25
• Top Companies Shortlisted for Review: 11