Cyber Protection Services for the Insurance Industry
Discover the opportunities and advantages of building
a profitable and sustainable cyber insurance program.
Understanding cyber protection
What is cyber protection?
In the insurance industry, cyber protection refers to a range of services designed to safeguard the digital assets of policyholders and reduce the risks associated with today’s cyber threats. Services can include proactive risk assessments, cyber awareness training and threat monitoring tools. They also include the capabilities needed in the wake of a cyber incident, such as cyber insurance, restoration support and incident response solutions to contain threats and mitigate any damage.
Why is cyber protection important?
Cyber threats are continuously evolving, becoming more sophisticated and occurring more frequently. Given today’s reliance on technology at home and work, individuals and businesses are at risk of stolen data, financial loss and reputational damage.
How can adding cyber protection services help reduce risks when offering cyber insurance?
By improving their policyholders’ online habits and cybersecurity posture, insurers reduce the chances they’ll experience a cyber incident — minimizing the likelihood they’ll file a claim. Giving them the tools they need to safeguard their data, like dark web monitoring and personalized action plans, engages them as partners in their data protection.
By integrating cyber protection services into their offerings, insurers also add value to their policyholder relationships — building trust and loyalty.
44% increase
in the number of personal and commercial cyber claims in the past four years
SOURCE: Gallagher, 2024 Cyber Insurance Market Conditions Outlook, 2024
The growing need for cyber insurance
Why is cyber insurance essential in today’s digital world?
Given the increasing frequency and sophistication of modern cyber threats, individuals and businesses are at significant risk of financial loss associated with an attack. Cyber insurance covers the expenses related to recovery after an event, providing policyholders a financial safety net.
What’s the cyber risk insurance companies most need to cover?
The ever-evolving tactics of today’s threat actors mean insurers must cover a range of risks — from data breaches and ransomware to account takeovers and identity theft.
What cyber liability coverage is needed?
As with other kinds of coverage, the cyber insurance needs of individuals are different than those of businesses.
How to sell cyber insurance
Building or enhancing your cyber insurance sales hinges on three abilities.
What target markets are ripe for cyber protection services?
Given the ever-increasing risks from cyber threats both at home and at work, insurers have three clear markets they can immediately target to build out their cyber programs.
Cyber insurance for individuals
More than half (57%) of consumers said identity theft is the greatest cyber threat they personally face. Offering personal line policyholders cyber coverage during their annual policy reviews is a natural fit — and even more attractive when enhanced by personalized identity monitoring and restoration services.
Cyber insurance for startups
Establishing a company’s first commercial insurance policy is an ideal time to help ensure the owners understand the value of the data they’ll collect and generate and rely on — and the responsibilities they’ll have if their systems are breached. Cyber coverage should be recommended for any new business.
Cyber insurance for small business
For established business owners, their insurance agents are often considered trusted advisors. By educating your SMB insurance customers there’s no such thing as “too small to target” and conducting a cybersecurity assessment, you can work with your commercial lines to ensure they have adequate coverage.
Gain the insights from TransUnion Cyber Protection
Understand the latest challenges and opportunities in cyber insurance, including:
· How current market forces are influencing cyber insurance
· What cyber threat trends are putting policyholders at risk
· Why assessing your policyholders’ cyber profiles is critical
· What modern tools and support services can help enhance.
your cyber program.
How do insurers benefit from offering cyber insurance?
$120.5 billion
is the projected value of the global cyber insurance market in 2032, up from $20.9 billion in 2024
SOURCE: Fortune Business Insights, Cyber Insurance Market Size, Share, Growth & Trends, 2024
How can insurers build competitive cyber insurance programs?
Whether enhancing an existing cyber offering or establishing a new product line, there are a few key questions insurers need answers to in order to build their cyber insurance programs.
- Does comprehensive business insurance Integrating cyber insurance into your broader business insurance offerings ensures commercial policyholders have holistic coverage that addresses all potential risks.
- What’s the cyber insurance underwriting process? Effective underwriting requires the ability to assess risks, set appropriate premiums and assign coverage to meet policyholder needs. Understanding the underwriting process is critical.
- How can the cyber claims process be streamlined? When cyber claims are processed quickly and accurately, policyholders get prompt, effective support when they need it most — and insurers control costs and gain better business outcomes.
What cyber protection services do policyholders want?
In addition to cyber insurance policies that cover the costs related to different cyber events, there are specific cyber protection services policyholders seek when considering coverage. The more robust your protection program, the more attractive it is.
Ready to build a powerful, profitable, sustainable cyber insurance program?
Information for Good®.
Connect with us
