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Industries

Cyber Insurance

Cyber Insurance

According to Statista, the global Cyber Insurance market is expected to grow to over 20 billion U.S. dollars by the year 2025. The increasing number of cyber incidents pose the biggest risk to global businesses that are slowly moving towards digitalization.

It’s becoming hard to predict cyberattacks and data breaches because attackers use new and sophisticated techniques to compromise their victims. Therefore, companies must have an incident response plan along with a solid cyber insurance to protect their assets and reputation in case of a cyber incident.

Why is Cyber Insurance Important?

Cyber Insurance plans help businesses and organizations recover from a cyberattack. This type of insurance can help businesses pay for the costs associated with recovering from a cyberattack, including the costs of repairing or replacing damaged or stolen data, hiring security consultants, and paying for legal services.

Cyber Liability and Data Breach Insurance

Companies are always at risk of facing a potential liability as a result of a cyberattack. This liability could cause damage to their reputation, and it can also directly impact business operations. Therefore, many companies get in touch with cyber insurers to stay secure from financial and regulatory liabilities. A Cyber liability and data breach insurance policy protects companies from liability and reimburses them for expenses incurred due to a data breach, such as legal counsel and defense, data forensics, notification costs, crisis management and credit monitoring.

What is a Breach Coach?

These insurance companies have breach coaches who are appointed to different cases. These breach coaches connect their victims to the most reliable firms for performing digital forensics and remediating threats.

BreachQuest has an excellent reputation among these insurance companies, and breach coaches often take security advice and assistance from our experts. We deal with all sorts of data breaches and ransomware attacks. Moreover, we also help these insured companies to secure their infrastructure using our managed services.

Other Industries

Startups

Legal Services

Insight

Cyber Insurances Services

31%

Increase in Premium Volumes

From 2.2 million policies in 2016 to 3.6 million in 2019, cyber insurance policies have increased nationwide. Premium volumes in 2019 increased by 31% to $3.1 billion from $2.1 billion in 2016.

$3.86M

Global Average Cost of Data Breach

The IBM report found that the average time to identify a breach was 280 days in 2020, however, the savings from containing that breach in 200 days or fewer was $1million – so the global average cost of a data breach ended up being $3.86 million.

7%

Increase in Average Cyber Liability

According to AdvisorSmith, the average cost of cyber liability insurance for small businesses has grown by approximately 7% for 2021 policies, making the estimated average annual premium for small businesses at $1,589 for $1 million in coverage.

2X

Annual growth for RDP enabled organizations when applying for insurance

The Coalition Cyber Insurance Report shows that the number of RDP enabled organizations when applying for insurance nearly doubled from the first half of 2020 to 2021.

Cyber Security
Cyber Insurance Response Services

Types of Cyber Insurance Policies

The cyber insurance coverage varies depending on your security plan. Some cyber insurances cover the legal aspect of your business, while other insurance providers partner with third-party security providers such as BreachQuest to offer incident response and recovery services.

The following are a four common types of cyber insurance policies that may or may not apply to your business model:

  • Cyber Liability Insurance, which can help protect businesses from third-party claims of negligence or liability for data security breaches.
  • Cyber Crime Insurance, which can help protect businesses against theft of data or property that could lead to financial losses.
  • Cyber Physical Property Insurance, which can help protect businesses against damage to buildings, machinery, vehicles, and other property caused by cyberattack.
  • Cyber Identity Theft Insurance, which can help protect businesses against financial losses incurred due to customers who have their identities stolen.

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BreachQuest

BreachQuest’s Cyber Insurance Response & Recovery Services

BreachQuest is on partners list for various cyber insurance carriers. We collaborate with experienced attorneys and breach counsels to provide incident response and recovery services to our clients.

BreachQuest is honored to work with various top-notch law firms and breach coaches. Our firm is on the pre-approved list of various insurance companies, and breach coaches from these firms trust us for incident response and recovery services for their insured clients.

We collaborate with insurance companies, legal counsel, and their insured clients to prepare incident response plans, conduct enterprise-wide digital crisis response exercises and use our Proactive Services to assess all threat indicators.

How Does BreachQuest Help Insurers?

We are constantly in touch with various insurers who trust and use our services regularly. Here’s how our expert teams assist insurers:

  • Insures take advice from our experts on various threat cases, and our teams also provide guidance on improving the security infrastructure of their clients.
  • Our experts collaborate with breach counsels to help their clients understand the overall impact of the breach.
  • Perform detailed analysis to collect all threat indicators using our specialized tools that help to assess security posture, conduct penetration testing and lead red team exercises.
How Does BreachQuest Help Insurers?
Conclusion

Why BreachQuest?

BreachQuest’s mission is to drive down recovery time and breach cost. Our approach with the Priori Platform promises instant visibility and rapid recovery, thereby minimizing breach cost and elevating the preparedness of your financial organization to internal and external threats.

We are also on-board with various insurance companies who trust our incident response and recovery services. Our experts team are in constant touch with these insurers to provide their clients with any type of security guidance, advice, detailed analysis or response services to protect their data.

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