The 2016 TechAssure Cyber Benchmarking Report was designed to offer companies insight into the cyber insurance purchase trends of their peers.
Over 700 cyber insurance programs were reviewed and analyzed to determine coverage selections, carrier placements and overall cost. In addition, industry and revenue were tracked.
- 762 Cyber Insurance policies were reviewed and analyzed.
- Firms with revenue between $0 – $2b (USD) were included in this report.
- Research was conducted between August and December of 2015.
- No client-specific data was maintained, rather policies were aggregated by industry and revenue.
Cyber Insurance Overview
For the average company executive or risk manager, the options and nonconforming terminology make coverage analysis and design next to impossible.In general, there is very little standardization in the cyber insurance
marketplace. In other words, what one company calls cyber liability,
another may designate as network and security liability. For the
average company executive or risk manager, the options and nonconforming
terminology make coverage analysis and design next to
Cyber Insurance Coverage
Unlike other lines of insurance, cyber insurance can often contain over a dozen separate insurance coverages that need to be arranged a la carte. Simply stating that cyber insurance has been obtained is both misleading and inaccurate. Frequent coverage offerings include: network and information security liability, privacy liability, system damage, business interruption, reputational damage, regulatory actions and investigations, notification costs, cyber crime, cyber extortion, cyber terrorism, media liability, PR expenses, PCI investigations, credit monitoring, etc.
It’s easy to understand why so many companies fail to properly design a cyber insurance program.
Cyber Insurance - A Global Market
However, unlike other lines that are predominantly
domestically placed, cyber insurance is purchased almost equally from both US and non-US markets.
As cyber policies differ from one carrier to another, certain coverages are only offered from London markets – making their importance in the marketplace all the more critical.