Cyber insurance is an emerging market that’s starting to thrive in the UK. However, it’s important to note that before you start choosing from cyber insurance providers, you should read the policies offered carefully, and consider speaking to an independent broker for advice.
Hiscox
Hiscox offers companies cover based on their individual needs, and assist with a variety of attacks.
Its offering covers any GDPR non-compliance claims, data breach investigation, advice and compensation, as well as any needed repair or replacement.
Also offered is a spot on their training scheme, the CyberClear Academy, which trains participants in cyber security to ensure that they can protect their company and keep security in their own hands.
To find out about Hiscox’s cyber and data insurance services, click here.
Aviva
Aviva‘s Broker arm offers a single cover package to companies which includes extortion and cyber crime.
The service is aided by California-based consultancy CYENCE, which helps the provider gain complete understanding of cyber incidents.
Aviva offers 24/7 support from experts to policyholders which aims to ensure rapid response.
To find out about Aviva’s cyber and data insurance services, click here.
AIG
The CyberEdge insurance offered to UK businesses by American International Group (AIG) comes in the form of many services, meaning that claimants can go into detail and get specific advice in return.
AIG’s cyber insurance services range from network interruption and cyber extortion to telephone hacking and computer crime.
24/7 support is also offered with priority to policyholders.
Pen Underwriting
Pen Underwriting is another provider that offers a range of incident cover as standard, including cyber extortion, data breach costs and multimedia liability.
Also offered as an optional extra is e-theft, its online platform, Pen Central and a cyber insurance comparison function.
Additionally, Pen have introduced a cyber insurance guide for brokers.
Bluefin Professions
The cyber insurance services offered by Bluefin Professions specialises in cyber crime cover and internal damage limitation for IT systems.
Services include cover for data breach costs, network interruption costs and compensation for response to privacy regulator investigations.
Alongside these, Bluefin also offers step-by-step risk management advice.
To find out about Bluefin’s cyber and data insurance services, click here.
Related: AI in cyber security: predicting and quantifying the threat – Jonathan Pope, CEO and co-founder at UK cyber security company, Corax, explains how AI in cyber security can predict and quantify the threat.
CFC Underwriting
CFC Underwriting‘s cyber insurance is split into services for private companies and large corporate firms.
This means that its services are tailored for the size of the company that’s making the claim.
CFC’s policies are also divided by sector, including cover for professional services, retail and healthcare, so risks that are specific to a certain sector can also be addressed.
To find out about CFC Underwriting’s cyber and data insurance services, click here.
NIG
Companies that choose NIG as their cyber insurance provider will be able to do so on a ‘Statement of Fact’ basis, meaning that a proposal form isn’t required.
All claims are instantly documented and kept on NIG’s online database, The Hub.
24/7 support is offered, and cover is offered for cyber crime up to £100,000.
To find out about NIG’s cyber and data insurance services, click here.
QBE Europe
Australia-based QBE‘s European branch offers 24-hour support provided by a panel of experts from companies such as Verizon and Experian.
The provider also analyses companies in order to tailor its services to them specifically.
Customers get to access QBE’s Cyber Risk Management Portal free of charge.
To find out about QBE Europe’s cyber and data insurance services, click here.
Save More Money
UK-based savemoremoney.com offers tailored cover structured to individual company needs and there is a discount rewards portal for signed up members.
To find out about Save More Money’s cyber insurance services, click here.
See also: The hidden truth about cyber crime – insider threats. John Andrews, VP, Centrify, explores cyber crime in the UK and the rising tide of privilege access management attacks. He also offers guidelines on how business leaders and employers can avoid or anticipate future cyber attacks.
