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Demystifying Cyber Insurance & the Required Data to Insure At-Scale

In the News

PropertyCasualty360 – by Eric Fenton

Demystifying Cyber Insurance & the Required Data to Insure At-Scale

Cyber insurance is designed to protect individuals and businesses from internet-based risks, such as cyberattacks, data breaches and other cyber-related incidents. Once thought of as a specialized product provided by excess and surplus (E&S) or specialized carriers, cyber insurance is emerging as more mainstream as attacks have surged over the last five years. COVID-19 and open-source accelerated this trajectory.

Businesses must focus on how to develop a comparable product for the market, how cyber security services firms can support carriers through partnership and how carriers can leverage this relationship to rapidly scale.

Cyber products

Cyber insurance policies typically cover a range of expenses, including legal fees, data recovery costs and notification expenses (associated with informing customers or employees that their personal data may have been compromised). This coverage spans from individual identity theft to business-grade cyber threats like data breaches to losses from attacks, ransomware and business interruption.

The construct of the cyber product

Carriers that manufacture and distribute these products understand the construct of how to effectively deliver value to the market while minimizing risk and retaining underwriting profit.

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