Financial institutions face increasingly sophisticated cyberattacks, and cyber insurance is a key component for risk management. However, it is a difficult time to be shopping for cyber insurance, especially for financial institutions given their unique needs, immaturity in cyber risk models, and regulatory requirements. Moreover, the cyber liability insurance market is constantly evolving due to loss experiences, increased recovery costs, emerging threats, and fluctuating market conditions.

This report is designed to help CISOs and chief risk officers at financial institutions navigate finding cyber liability policies at a time when the insurance industry is in flux and responding to new cyber threats. This report contains an analysis of the cyber insurance offerings and application processes of the top 15 cyber liability insurers, according to AM Best. It also draws upon data from insurance data providers such as AM Best and the National Association of Insurance Commissioners.

Clients of Datos Insights’ Cybersecurity service can download this report.

This report mentions AIG, Arch Insurance, AXA XL Reinsurance, AXIS Capital Holdings, BCS Insurance Company, Beazley, Chubb Limited, CNA Finaicial Corporation, Farifax Financial Holdings, Hartford Insurance Company, Liberty Mutual, Sompo, Tokio Marine, Travelers, and Zurich Insurance Group.