In 2021, one in 10 firms reported being the victim of a cyberattack. This finding from the British Chamber of Commerce and Cisco shines a light on the pressing issue that is cybercrime and on the solution provided by having the right cyber insurance coverage in place.
It was in recognition of those cyber insurance companies that have stepped up in recent times to protect companies from cyber risk that the 2022 IBUK 5-Star Cyber Report identified top providers and what sets them apart from their peers.
In order to create a solid overview of the cyber insurance market, IB surveyed brokers to examine how nominees performed across a range of metrics – from first-party and third-party coverage, to claims payment/processing, to how well companies educate brokers about their products. Among the 18 businesses identified as having an exemplary product offering, QBE, CFC, RSA and NMU made the ranking, and specialists from the firms identified what sets their service apart.
Reflecting on the factors that make up a great cyber insurance product, Matt Drinkwater of NMU emphasised the role that proactive risk scanning of the market plays in monitoring cyber threats.
“We are always carefully watching for both adaptations of existing cyber threats,” he said, “for example, ransomware evolving into double extortion where there is a threat to publish exfiltrated data unless the ransom is paid and newly emerging vulnerabilities.”
Drinkwater added that NMU’s CyberSafe product for SMEs “includes not just the required first-party and third-party liability covers but also an extensive cybercrime section”. Taking claims payment and processing as an example, he said, NMU’s in-house claims team, together with the wider cyber claims team at its parent company, Munich Re, and the breach response company ReSecure, provide clients with a first-class claims service.
David Warr, of QBE, also reflected on what constitutes a great cyber insurance product, and emphasised the role of accessibility and support in the event of a cyber incident. QBE’s clients have access to a 24/7 incident response team that is on hand to assist clients in the event of a cyber incident, he said, as support during such a stressful time is crucial.
In addition, he said: “QBE’s coverage and risk appetite has remained consistent, and brokers and clients understand the product we provide.”
Discover the UK’s top cyber insurance providers in this free report, available today
