Top 10 cyber insurance providers in the US in 2022

Minnesota

$1,708.11

15.03%

Arkansas

$1,646.50

10.88%

West Virginia

$1,629.64

9.74%

Louisiana

$1,623.94

9.36%

New York

$1,616.70

8.87%

New Jersey

$1,615.25

8.77%

Connecticut

$1,593.62

7.42%

Kentucky

$1,587.10

6.88%

Arizona

$1,581.50

6.50%

Ohio

$1,553.68

4.63%

Michigan

$1,339.33

-9.81%

New Mexico

$1,355.36

-8.73%

Massachusetts

$1,380.59

-7.03%

South Carolina

$1,398.83

-5.80%

North Carolina

$1,421.49

-4.27%

Wyoming

$1,426.89

-3.91%

California

$1,430.18

-3.69%

New Hampshire

$1,431.99

-3.57%

Illinois

$1,434.59

-3.39%

Delaware

$1,446.47

-2.59%

1

Hiscox

4.9

Cyber Security Insurance

• Privacy, data, and network exposures
• Costs to respond to a breach, including access to pre- and post-breach response services
• Employee cyber training program includes certificates of completion
• Costs of defending and resolving claims for statutory violations, negligence, regulatory investigations, and breach of contract
• Optional coverage for cybercrime, cyber deception, social engineering, and business interruption
• Worldwide coverage

2

Chubb

4.8

Cyber Enterprise Risk Management (Cyber ERM)

• Coverage designed to address evolving regulatory, legal and cybersecurity standards
• Easy-to-read form
• Clearly labeled exclusions with competitive carve-backs
• Payment card loss coverage built into the base form
• Discovery-based coverage at a control group level
• Enhanced business interruption and extra expense language coverage
• Broadened definition of protected information includes biometrics, internet browsing history, and personally identifiable photos and videos
• Extortion expenses explicitly include Bitcoin and other cryptocurrencies
• Coverage territory applicable to anywhere in the world

3=

AIG

4.7

CyberEdge

• Third-party claims arising from failure of the insured’s network security or a failure to protect confidential information
• Investigation and defense of regulatory actions arising from failure of the insured’s network security or a failure to protect confidential information
• Payment Card Industry Data Security Standard (PCI-DSS) assessments
• Costs of notifications, public relations, and other services to assist in managing and mitigating a cyber incident
• Legal consulting and identity monitoring costs for victims of a breach
• Forensic investigation costs
• Costs to restore electronic data
• Business interruption and certain expenses due to a covered cyber event
• Reimbursement of ransom payments

3=

The Hartford

4.7

CyberChoice

• Data privacy and network security liability coverage
• Coverage for privacy regulatory matters
• Media liability coverage
• Incidence response coverage
• Cyber extortion coverage
• Network asset restoration expenses
• Business interruption costs
• Dependent business interruption costs
• Pre-claim assistance
• Post-incident remediation expenses

5

CNA

4.6

Cyber Insurance

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

6=

Arch Insurance

4.5

Arch Netsafe 2.0

• System failure coverage
• Dependent business interruption coverage
• PCI-DSS assessments and regulatory fines and penalties
• First-party data incident response expense
• “Bring Your Own Device” included within computer system definition
• Carve-back for cyberterrorism
• Carve-back to the contract exclusion for PCI
• Data security and non-disclosure agreements
• Media liability coverage
• Coverage available for business interruption and cyber extortion

6=

Hanover

4.5

Cyber Advantage

• Privacy and security liability
• Breach event expense
• Breach reward expense
• Cyber business interruption and extra expense
• Cyber extortion response costs
• Cyber theft
• Breach at a third-party
• Cyber media liability
• Fines and penalties

8

Intact

4.4

Privacy Breach Coverage

• Remediation expense coverage
• Business interruption coverage
• Legal expense coverage
• Worldwide coverage for up to 60 days
• Cyber extortion
• Smart phone coverage

9=

Axis

4.3

Axis Cyber Insurance (ACI)

• Business interruption:

• Includes voluntary shutdown of the business’ network
• Generous period of restoration up to 180 days
• Reputational harm coverage for 12 months
• Forensic accounting costs to prepare proof of loss documentation
• Interim payments to increase the speed with which claims are covered

• Other first-party coverage considerations:

• Coverage for undiscovered cyber events
• Most cover is on a “Pay” rather than “Reimburse” basis to help manage cash flow following a cyber incident
• Data recovery includes upgrades
• Funds to replace electronic devices and equipment
• Cybercrime cover for social engineering, business email compromise, cryptojacking, and theft of telecommunications services

• General coverage considerations:

• Privacy regulatory cover includes GDPR and CCPA and other consumer privacy protection laws
• Cover for private actions under BIPA and other law regulating collection and use of biometric information available by endorsement
• Privacy incident includes all activities regulated under a privacy regulation
• PCI-DSS covers card re-issuance costs, fraud, and administrative reimbursement assessments, forensic investigation costs, fines, and penalties
• Cyber terrorism

9=

Beazley

4.3

Beazley Breach Response (BBR)

• Up to $5 million coverage for data breach notification and credit/identity monitoring
• Privacy breach response services include:

• Legal and computer forensic services
• Discretionary notice to individuals potentially affected by the breach
• Resolution and mitigation services,
• Identity theft-related fraud resolution services
• 12 free months of identity monitoring
• Theft, loss, or unauthorized disclosure of information held by business associates for organizations required to comply with the Health Insurance Portability and Accountability Act (HIPAA)

• Third-party coverage includes:

• Third-party information security and privacy coverage with up to $15 million in limits in addition to the breach response coverage
• Regulatory defense and penalties
• Website and offline media liability
• PCI fines, penalties, and assessments
• Cyber extortion
• First-party business interruption and data protection with limits up to $15 million.