The two (2) primary and basic components of comprehensive cyber liability insurance coverage are (1) First Party Coverage which includes cost reimbursement of losses due to data breach of the policy owner. It covers various cyber-attacks and hacks like extortion, ransom, and theft, and all of the different iterations they may appear as. In addition, it covers income loss caused by temporary business interruption. (2) Third Party Coverage covers losses and claims from clienteles as an effect of the cyber attacks. This includes fines and fees arising from such an incident.
Basically, a cyber insurance policy covers expenses from services to neutralize data breach, extortion made by ransomware hackers, fines imposed by different government regulatory agencies (i.e. GDPR fines), loss of income due to the temporary halting of business transactions, and identity theft-related expenses. These are the things any insurance plan relating to cyber security has to offer the clients.
Since most cyber insurance companies in the United Kingdom do not use a standard ISO (Insurance Services Office) form or contract. Due to the lack of a universal document, every single cyber insurance policy is unique. However, almost all policies include the mentioned items above and the uniqueness comes from the very specific nature of a business, the involved risks factors, and the amount of coverage.
Since there is an average of forty (40) cyber insurance companies or carriers in the country, we would like to guide you on some of the most efficient firms out there and explain to you how they excel in their cyber insurance compared with the competition. Read on carefully and thoroughly if you are currently in need of such services.
Comparison of Top Five (5) Cyber Insurance Carriers
If you decided to avail cyber insurance, we suggest that you carefully navigate through all the details in the policy and opt to speak with an authorized broker for further information and guidance. Below are the best five carriers for your evaluation and a brief comparison of what they offer. Mind that the list is not in any particular order as all of these carriers are worthy of your time and trust.
1. QBE Europe
Source: qbeeurope.com
QBE Europe is the European branch of the popular insurance company based in Australia. They provide round the clock support provided by many of the leading and reputable companies like Verizon and Experian. As part of their custom fit service, they thoroughly analyze the needs and data security of their clients to provide a very specific solution to their digital and cyber platforms. Every policy holder is able to access their Cyber Risk Management Portal for free. You can hardly go wrong if you choose any branch of QBE, let alone the one in charge for the whole of Europe.
2. Aviva
Source: Financial Times
Aviva is a British insurance company that has gone multinational a long time ago. Right now it operates across 16 countries and tends to over 33 million customers. Since you need it in the UK, you should know that it is the largest general insurer in the country, as well as one of the leaders in pension and life insurances. It is represented by their authorized brokers who offer a single contract that covers ransom, extortion, and cyber crimes in general. The service they provide is assisted by CYENCE, a California (USA) based consultancy firm which provides a thorough evaluation of data breach experience. This carrier also provides 24-hour and 7-day support from experienced professionals to guarantee a swift response. With their world headquarters in London, it makes ultimate sense to pick them for your needs.
3. AIG
Source: Эксперт Чеслав Пестюк
American international Group, Inc. (AIG) insurance company is present in over 80 countries and employs nearly 50,000 people. They are among the leaders in all the different types of insurance, and it currently utilizes CyberEdge Insurance for the UK firms which offers a variety of services to help partners and the clientele to be very specific on their coverage and achieve professional suggestions from company experts on cyber security. A cyber incident response plan comes accessible via 24/7 crisis management support. Due to the custom nature of the coverage, you can really have it tailor-made for your needs without paying for what you do not need, or even worse, certain shortcomings you will suffer with.
4. Hiscox
Source: Pinterest
The Anglo-Bermudan provider of insurance, Hiscox, evaluates the specific needs of clients to assist more efficiently against a variety of cyber-attacks. Therefore, you can pick and choose what you need and have it become a part of your insurance policy. It covers any GDPR fines, investigation fees, legal advice, and compensation loss, as well as repair or replacement of affected equipment caused by the hacking or cyber-crime incident.
5. Pen Underwriting
Source: Business Insurance
Last but not least, we have one of the largest specialist insurance companies in the entire United Kingdom. They have more than 1,900 brokers and well over 50,000 active customers. Since they specialize in unique and unordinary policies, it makes perfect sense for you to entrust them with your cyber security needs. Pen Underwriting offers a wide range of coverage including multimedia liability. Included also as optional coverage are e-theft and other electronic and IT services such as cyber insurance comparisons and cyber insurance guide for brokers. Since they are also based in the UK, you will find it rather easy to establish the exact insurance coverage your cyber needs require.
Decisions Made Easy
With the challenges of the COVID-19 pandemic and the fact that everything has been moved to the web, people are now spending their days doing their work, having school classes, accessing entertainment, and shopping online. In such a rapidly modernized world, all of a sudden data security has never been as important. Cyber security becomes a necessity and cyber insurance uk will always be there to fill that void in lives of people. The insurance coverage is basic is we think about it, but still very flexible and able to specifically address your needs and vulnerability. As mentioned, there is an average of forty (40) carriers to choose from but the five (5) we mentioned above are among the best. Whichever you choose you will certainly be satisfied for years to come.