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Cyber Insurance Providers
Cyber security is more important to businesses than ever before. While it’s vital that you take the correct precautions to avoid a cyber attack or data breach, they can still happen, even to the most well-prepared of companies.
As recently as April 2021, for example, 533 million Facebook users had their phone numbers leaked on the web.
When things do go wrong, having quality cyber insurance can help your company to put the pieces back together in the aftermath of an attack. Whether it’s paying compensation to impacted parties, replacing damaged/lost equipment or covering the expenses of hiring public relations or cyber security consultants to help your business get back on its feet quickly, cyber insurance is a must-have for any business handling sensitive customer information.
We’ve put together a list of the UK’s top cyber insurance providers to help business owners make an informed decision when it comes to protecting their data and networks. Do keep in mind that different insurers sell their products through different avenues, so you may need to try brokers, aggregators or shopping direct to find the perfect insurance deal for your needs.
List of Top UK Cyber Insurance Providers
- Direct Line
Note: As a smaller insurer, UK-based CFC aren't rated by any of the global risk score agencies
- S&P: AAA | AA | A | BBB | BB | B | CCC | CC
- Moody's: Aaa | Aa | A | Baa | Ba | B | Caa | Ca | C | [1-higher, 2-middle, 3-lower]
- Fitch: AAA | AA | A | BBB | BB | B | CCC | CC | C | RD | D
- A.M. Best: A++ | A+ | A | A- | B++ | B+ | B | B- | C++ | C+ | C | C- | D | E | F
Ratings are ordered from strongest grade -> weakest grade
A global insurance brand with offices in over 80 countries worldwide, AIG’s cyber security insurance is considered one of the best in the market. Their flexible CyberEdge cover allows business owners to select exactly what they’d like to be covered for, meaning you aren’t required to pay for cover you don’t feel you need.
While there may be cheaper alternatives, AIG’s offering is one of the most well-rounded available, and their commitment to a response within the first hour of a cyber incident means you won’t have to wait long before receiving the support you require.
Allianz’s cyber insurance product is likely to be especially interesting to any business using Google Cloud—in March 2021, they announced a partnership with Google Cloud and Munich Re to provide cover cyber risk cover specifically targeted at Cloud customers.
Allianz offers a 24/7/365 telephone line for any of its customers in need of support, and while they may lack the more personal touch of some smaller providers, there can’t be any doubt that they can provide an exceptional set of expertise and resources to help you recover from a breach.
One of the more junior insurers in the UK cyber market (founded in 1986), Beazley focuses on simplifying the often complex world of cyber security/insurance and providing its customers with valuable resources to help them avoid breaches altogether.
When things do go wrong, Beazley’s unique “Beazley Breach Response (BBR)” team is on hand to help their clients effectively manage the aftermath of a data breach, helping to reduce the chances of a non-expert mismanaging the situation. This personalized approach to cyber breaches is not yet common on the market, and can certainly be considered a USP of the Beazley product.
While they may lack the financial firepower of some of their competitors, there can be no doubting their commitment to supporting their customers at every stage of the cyber security process, even before a breach has occurred.
Unlike some of their more generalist competitors, CFC are specifically focused on a few core markets—Healthcare, Professional Services, Manufacturing, Construction and Retail.
While companies outside of these markets might be better served sourcing their insurance elsewhere, CFC’s specialist cover could make an excellent choice for anyone who wants to work with market experts who understand their work (and the risks they face) more clearly.
Their cyber security product also received 5-stars from independent reviewer insuranceage, who commented their cyber product was “one of the longest established cyber products in the market”.
One of the UK’s most recognised generalist insurers, Direct Line’s cyber insurance is ideal for anyone looking for a no frills answer to their cyber security. They’ll cover most markets (bar a few especially niche ones, probably better suited to a specialist) and boast an impressive 4.3-star rating on Trustpilot, with nearly 7,000 reviews.
A policy limit of £100,000 is considerably less than many of their competitors on the market, but if you’re a smaller business looking for a reputable provider to help you recover financially after a data breach then Direct Line is well worth considering.
One of the UK’s leading general insurance providers, Hiscox’s exceptional sign-up process (you can get a quote online within a few minutes) and market leading cyber product (the only UK cyber insurance product to receive a 100% score in the 2018 Insurance Times Cyber Product Report) makes them a popular choice with cyber insurance customers.
Hiscox’s policy limits can be on the lower end, but if you’re looking for a quick, easy and effective way to insure your company there are few better options on the market. Do be aware that reviews online are mixed—an excellent 4.8-star rating on Feefo must be considered alongside a weaker 3.1-stars on Trustpilot.
Markel’s cyber insurance is only available through approved brokers, who consistently rank them as one of the best insurance providers in the UK, as one of only two UK-based insurers to receive 5-stars in the Insurance Times RatedbyBrokers tables. That being said, if you’re looking for a fast solution to your cyber insurance problem, there might be slightly better options on the market, as you will need to go through a broker to get cover.
Wording on Markel’s cyber insurance page makes it fairly clear that the product is targeted more at SMEs, so larger providers might be better suited looking elsewhere, but their exceptional reputation among brokers (who rely on Markel’s product quality to bring in their customers) suggests that what they do offer ranks well within the market.
One of the 25 largest insurance providers in the world, Zurich’s immense financial firepower has led to them being able to create one of the most well-rounded cyber insurance products on the market.
As well as covering you for a multitude of cyber threats, Zurich also offers a variety of different options to help prevent cyber attacks from ever happening in the first place, from cyber risk assessments through to technology recommendations, and even being there to help you plan out your full cyber security strategy.
They may lack the personal touch of more UK-centric providers, but if you’re looking for a total package solution to your cyber security risk then Zurich are well worth considering.