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How to Find the Best Cyber Insurance Policy for 2023

How to Find the Best Cyber Insurance Policy for 2023

Getting cyber insurance coverage in 2023 won’t be as simple as filling out an application, comparing quotes, and picking an option. As cyberattacks increase and claims climb, cyber insurers are implementing stricter requirements—which means you may have to adjust your approach to find the best policy for your business.

Here’s what you need to know about finding the best cyber insurance policy in 2023, including what may be in store, which coverages to consider, and the companies with the best policy options.

What’s in Store for Cyber Insurance in 2023?

This year was a challenging one for many companies searching for cyber insurance. After a steep premium increase at the beginning of the year, some insurers also implemented stringent requirements for companies seeking coverage—and those requirements aren’t expected to go away in 2023.

In addition to stricter requirements across the board, there’s a good chance cyber insurance companies will start charging prohibitive premiums or rejecting businesses in certain high-risk industries altogether, including manufacturing, education, and the public sector.

So, what does this mean for your business? You may need to add extra cybersecurity controls to your network to secure a renewal or new policy or look for alternate carriers if you’re in a risky industry. And don’t be surprised if your policy is just as expensive—if not pricier—than this year.

Cyber Insurance Coverage Comparison

Before you start shopping around for the best cyber insurance policy, it’s essential to know what you should be looking for. Here are some of the coverages you might need to protect your business.

First-Party Coverage

First-party cyber insurance coverage protects your business from the effects of a data breach or other cyberattack, making it critical for any business seeking protection. Since cyberattacks can easily lead to six figures in loss, companies without adequate first-party coverage can take a severe financial hit—or even shut down permanently—following an attack. Depending on the policy you choose, first-party insurance may cover the following:

  1. Data recovery costs

  2. Digital forensics

  3. Public relations

  4. Client notification costs

  5. Credit monitoring services

While some cyber liability insurers stop there, others offer more protection. Be sure to look for these extra coverage options if you want the best protection:

  1. Cyber extortion costs

  2. Social engineering

  3. Business interruption and lost income

Third-Party Coverage

When comparing cyber insurance options, you should also look at what your third-party coverage will pay for. Third-party coverage protects your business from external claims relating to cyberattacks on your business, such as a lawsuit from a customer whose personal information was leaked in a breach. Look for a policy that covers lawsuit fees, settlements, and damages during a third-party case.

If your business is subject to specific regulations like PCI-DSS, HIPAA, or GLBA, you may want to seek out a policy with regulatory defense and penalties coverage, which covers lawsuits and fines from state and federal agencies. But be sure to consult an insurance agent to understand potential coverage limitations before selecting a policy.

Tips to Help Secure the Best Coverage

If you truly want the best cyber insurance policy available, you’ll need to put in some work to show insurers you’re not a risk. Here are some tips to follow before you start searching for coverage.

Use Multi-Factor Authenticatio

Employing multi-factor authentication is an easy way to reduce your vulnerability and show insurers your network is secure.

Search for Vulnerabilities

Before cyber insurers start digging for vulnerabilities, consider working with a third-party IT company to assess and mitigate any obvious security risks.

Have a Response Plan

Developing an incident response plan shows insurers you can respond quickly and minimize damage in the aftermath of an attack.

Implement Access Management

If you don’t limit access to sensitive data to critical employees, you should start now—insurance carriers want to see that you have several safeguards in place to restrict unauthorized use of your network.

You may need to comply with even more requirements to secure a cyber insurance policy. Learn more about your responsibilities and how to ensure you get the coverage you need.

What Are the Top Cyber Insurance Companies for 2023?

While the best cyber insurance company for your business will depend on your specific needs, budget, and industry, the Southpoint team often recommends policies from these insurers:

  1. Chubb: According to AM Best, an independent insurance rating agency, Chubb was the top cyber insurance company in 2020 and 2021. Their easy-to-understand cyber policies evolve with changing standards and include coverages other insurers don’t offer, like payment card loss and cryptocurrency extortion expenses.

  2. The Doctors Company: At Southpoint, we serve a variety of medical clients, from dentists and oral surgeons to small medical offices. The Doctors Company provides tailored coverage to protect these clients’ digital risks with regulatory coverage for HIPAA and other standards.

  3. AmTrust Financial: Small businesses often struggle to find policies that fully cover their cyber risks, but AmTrust Financial offers comprehensive policies that cover ransom payments, business interruption, cyber deception, and even cryptojacking.

Whether you want to explore more options or request a quote from one of these top cyber insurance companies, Southpoint is here to help.

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Partner With Southpoint to Find the Best Cyber Insurance Policy

As a busy business owner, you don’t have the time to research the best cyber insurance policies, compare requirements, and ensure your application will get accepted. That’s where Southpoint comes in. We partner with the most trusted cyber insurance carriers and work closely with each client to increase their chances of getting covered. Our cyber risk management experts can help you determine if your cybersecurity controls are sufficient and recommend additional safeguards to improve your insurability.

Whether you’re new to cyber insurance altogether or looking for a way to avoid skyrocketing premiums in 2023, turn to Southpoint. Contact us today to start planning your cyber insurance strategy for 2023 or request a quote from one of the top cyber insurance companies.

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