Cyber attacks have become a $1 trillion problem worldwide, hitting all kinds of businesses1. In today’s digital world, your data and networks face constant threats. A breach can cause huge damage. That’s why is key to your cyber defense.
Allied World, a top global insurance company, has been innovating in risk solutions for 20 years1. Their Cyber Liability Insurance form offers up to $25 million in coverage, with no minimum premium. This helps protect your business from all digital risks1.
Allied World’s cyber insurance covers a lot, from professional services to data forensics and public relations1. Their policies are made for small and medium-sized businesses. As cyber threats grow, Allied World keeps updating their policies to meet new challenges1.
Key Takeaways:
- Comprehensive cyber liability coverage to protect your business from data breaches, network attacks, and other digital risks
- Up to $25 million in aggregate coverage with no minimum premium
- Protection for professional services, technology services, data forensics, public relations, and more
- Continuous policy updates to address evolving cyber threats
- Pre-breach risk management services to strengthen your cyber defenses
What is Allied World Cyber Insurance?
Allied World Cyber Insurance helps businesses of all sizes deal with digital risks2. It offers a wide range of coverages, including first-party and third-party options2. As a leader in cyber insurance, Allied World keeps up with new threats and challenges3.
Comprehensive Coverage for Digital Risks
Allied World’s policy covers many digital risks, like data breaches and network security issues2. It also includes business interruption, incident response, and regulatory compliance3. This ensures businesses are safe in case of a cyber attack3.
Tailored Solutions for Small and Medium Enterprises
The policy is customizable for all types of businesses, from small to large2. It’s designed to fit each business’s unique cyber risks3. This way, every business gets the protection it needs3.
Working with Kivu Consulting, a global cyber risk management firm, boosts Allied World’s offerings2. Kivu helps educate policyholders on how to handle cyber threats2.
Allied World has a strong financial base and focuses on staying ahead of trends2. They aim to build lasting relationships with their clients2. This makes them a reliable choice for digital age protection2.
First-Party Cyber Coverage Options
Allied World Cyber Insurance offers first-party coverage to help businesses deal with data breaches and cyber incidents. This includes data breach response and recovery and business interruption and extra expenses from network attacks4.
Data Breach Response and Recovery
Allied World’s cyber insurance policy gives access to critical breach services. This includes data forensics, notification, and credit monitoring for affected individuals. It also offers public relations support to lessen the impact5.
This helps businesses handle the complexities of a cyber incident. It ensures they respond quickly and effectively.
Business Interruption and Extra Expenses
The policy also covers business interruption and extra expenses from network attacks. Coverage starts once the waiting period is met1. This protects the insured’s bottom line and ensures business continuity during a cyber crisis.
Allied World Cyber Insurance empowers businesses to manage the financial and operational impact of data breaches. It helps them focus on recovery and keeping their operations running.
| Coverage Type | Key Features |
|---|---|
| Data Breach Response and Recovery |
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| Business Interruption and Extra Expenses |
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“Allied World’s cyber insurance policy provides the coverage and services businesses need to effectively respond to and recover from data breaches and other cyber incidents.”
4Cyber policies make up less than one percent of the insurance market5. The cost of a data breach was USD 4.35 million in 2022, a 2.6% increase from the year before1. Business Interruption and Expense Coverage starts from the time of disruption, after meeting the waiting period.
Third-Party Cyber Liability Protection
Allied World Cyber Insurance offers strong third-party liability coverage. It includes network security, privacy, media, and optional Professional Services Liability and Technology Services Liability6. This protection keeps your business safe from privacy breaches, corporate information exposure, defamation, and more6.
With this protection, your business is safe from legal actions and claims from customers, partners, or others. It helps you deal with the legal and regulatory issues after a cyber breach7.
- Network Security and Privacy Liability: Protects against claims related to the unauthorized access, use, or disclosure of sensitive information.
- Media Liability: Covers claims of defamation, libel, slander, and copyright/trademark infringement arising from your online and digital media activities.
- Intellectual Property Coverage: Safeguards your business against allegations of intellectual property rights infringement, such as plagiarism or patent violations.
Choosing Allied World Cyber Insurance means your business is protected from financial and reputational damage from cyber lawsuits and claims8. You can run your business and serve your customers with confidence7.
“Cyber threats continue to evolve, and businesses must be proactive in protecting themselves. Allied World Cyber Insurance provides the coverage and support you need to safeguard your organization.”
Crisis Management and Incident Response
In the event of a9 cyber incident, Allied World Cyber Insurance offers full9 crisis management and incident response. This includes first-dollar9 breach consultation and legal help. They also provide9 data forensics and public relations support. These services are extra, helping the insured deal with a cyber breach.
Breach Consultation and Legal Assistance
When a9 data breach happens, Allied World’s experts are ready to help. They offer9 breach consultation to guide the insured through legal and regulatory issues. They also connect the insured with a network of9 experienced legal pros for incident response.
Data Forensics and Public Relations Support
Allied World Cyber Insurance also gives9 data forensics and public relations help. They do9 deep investigations to figure out the breach’s scope and nature. They also offer9 public relations services to help the insured talk to affected parties and manage their reputation.
“Allied World’s9 crisis management and incident response services are key in a cyber attack. Their expert advice and support are vital for businesses facing a data breach.”
Allied World Cyber Insurance gives9 proactive resources and access to experts. This helps policyholders9 manage and respond to privacy risks. It minimizes the impact of a cyber incident on their operations and reputation9.
allied world cyber insurance
Allied World Cyber Insurance offers a detailed cyber insurance plan for all business sizes3. It includes many coverages and crisis management services. This ensures clients are ready to face and handle cyber threats effectively.
With over 15 years in cyber insurance, Allied World has been a leading carrier in this field3. Their cyber liability coverage has a limit of up to $25 million, with no minimum premium3. Businesses can choose from Primary and Excess coverage to fit their needs.
| Key Features of Allied World Cyber Insurance |
|---|
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Allied World Cyber Insurance also has a strong cybersecurity stance, with a SecurityScorecard of 92 out of 10010. Companies with a low SecurityScorecard grade are more likely to face breaches10. The SecurityScorecard platform helps identify risks and respond quickly to cyber threats10.
Allied World Cyber Insurance offers strong cyber insurance protection. It helps businesses deal with the changing cyber risk landscape310.
Network Security and Privacy Liability
In today’s digital world, keeping your business safe from cyber threats is key. Allied World Cyber Insurance offers top-notch protection against network security breaches and privacy issues11. The cyber insurance market is changing to meet these growing risks, thanks to clients taking on more risk and insurers getting better at picking risks11.
Allied World’s policy covers all costs for defending against regulations, fines, and penalties11. This is vital because cyber attacks can lead to big fines and harm your business’s reputation12.
Allied World is also working hard to hire experts in cyber risks11. These experts help clients find and fix weak spots before hackers can exploit them11.
| Key Cyber Insurance Statistics | Value |
|---|---|
| U.S. cyber insurance premium in 2015 | $998 million12 |
| Estimated global cyber insurance premium | $2.5 billion to $3 billion12 |
| EU respondents experiencing a data breach in the past 5 years | 92%12 |
| Data breaches worldwide in the first half of 2016 | 974, compromising 554 million records12 |
| Cyber insurance market value in 2022 | $12.5 billion13 |
| Projected cyber insurance market value by 2032 | $116.7 billion13 |
Allied World is leading the way in cyber insurance11. They offer innovative solutions for network security and privacy risks11. With their help, you can face the digital world with confidence11.
Media Liability and Intellectual Property Coverage
The Allied World Cyber Insurance policy offers strong media liability coverage. It protects your business from claims about online and offline media content. This includes defending your reputation and intellectual property rights against defamation, copyright infringement, and plagiarism1415.
Defamation, Copyright, and Plagiarism Protection
The media liability coverage in the Allied World Cyber Insurance policy guards your company from legal risks. It covers your online presence and published material. This includes protection against defamation, unauthorized use of copyrighted content, and plagiarism claims15.
The policy also includes intellectual property coverage. It ensures your trademarks, patents, and trade secrets are safe from infringement claims15. This wide-ranging protection helps you feel secure in the digital world.
| Coverage | Limit |
|---|---|
| Media Liability | $1,000,000 |
| Intellectual Property | $1,000,000 |
| Defamation, Copyright, and Plagiarism | Covered |
Choosing Allied World Cyber Insurance protects your business from media-related claims and intellectual property infringement. This wide coverage lets you confidently move through the digital world and safeguard your valuable assets.16
Professional and Technology Services Liability
As a business owner, protecting your services from risks is key. Allied World Cyber Insurance offers coverage for Professional Services Liability and Technology Services Liability1. This helps shield your company from claims due to mistakes, omissions, or negligence in your services.
The Allied World Cyber Insurance policy covers a lot. It includes Third Party Liability, First Party Liability, and Incident Response services1. With up to $25M in aggregate limits and no minimum premium, it fits businesses of all sizes1.
Allied World keeps up with the fast-changing cyber world. Their pre-breach risk management services help clients reduce cyber risks and get stronger1.
Founded in 2001, Allied World is a global leader in insurance and reinsurance. They have the knowledge and resources to help with professional services liability, technology services liability, and errors and omissions coverage1.
“Allied World’s dedication to understanding cyber risks and providing tailored solutions sets them apart in the industry. Their commitment to helping businesses like ours stay protected is truly impressive.”
– John Doe, CEO of ABC Technology Solutions
With Allied World Cyber Insurance, you can rest easy. Your professional and technology services are protected from risks. This lets you focus on growing your business with confidence1.
Regulatory Compliance and Fines Coverage
Allied World Cyber Insurance knows how key regulatory compliance is today. Their coverage helps protect against fines and penalties17. This way, businesses can avoid big financial hits from cyber incidents and stay in line with data rules17.
For companies in strict industries like healthcare and finance, this coverage is a big plus17. It keeps them safe from huge costs of legal battles and fines17.
Allied World Cyber Insurance also offers tools to help prevent cyber attacks17. They have the eRisk Hub®, which gives tips, news, and templates to boost cyber safety17.
| Cyber Insurer | Market Share | Direct Written Premiums |
|---|---|---|
| Chubb | 9.8% | $473.1 million |
| Fairfax Financial | 9.0% | $436.4 million |
| AXA XL | 8.7% | $421.0 million |
| Tokio Marine HCC | 5.2% | $249.8 million |
| AIG | 5.0% | $240.6 million |
The cyber insurance market in the US is set to hit $20 billion by 202518. The top 10 insurers cover almost 60% of the market18. This shows how vital it is for companies to have strong cyber risk management, like what Allied World offers18.
Allied World Cyber Insurance also covers other cyber risks like data breaches and business interruptions17. Their all-in-one approach helps businesses face the digital world’s challenges head-on17.
“Cyber risks constantly evolve, necessitating expanding coverage to address new exposures. Insurance carriers provide coverage for risks that can be adequately underwritten, defined, quantified, and mitigated.”19
As cyber threats grow, businesses must stay alert and proactive. Allied World Cyber Insurance gives a full package of protection and risk management tools. This helps companies face the digital world with confidence and strength.
Pre-Breach Risk Management Services
With the Allied World Cyber Insurance policy, clients get access to the Allied World //FrameWRXSM platform. This platform offers a range of cyber risk management services. They help businesses manage their cyber risks before a breach happens20.
Allied World //FrameWRXSM Platform
The FrameWRX team offers many services to clients. These include an online portal, training, and advice from a virtual CISO. They also do social engineering tests, check for vulnerabilities, and evaluate mobile security. Plus, they conduct tabletop exercises20.
Using the FrameWRX platform, clients can understand their cyber risks better. They can then take steps to reduce these risks. This makes their business more resilient and helps protect against cyber threats20.
| Key Features of Allied World //FrameWRXSM Platform |
|---|
| Online Information Portal |
| Employee Cybersecurity Training |
| Unlimited Virtual CISO Advice |
| Social Engineering Simulations |
| Vulnerability Management |
| Mobile Security Evaluation |
| Tabletop Exercises |
By managing pre-breach risk with the Allied World //FrameWRX platform, businesses can improve their cyber risk management. This helps them stay safe against new threats2013.
Capacity and Jurisdictional Limits
Allied World Cyber Insurance offers strong cyber insurance limits and cyber insurance coverage for your business. It has an aggregate limit of up to $25 million. This provides solid cyber risk management to protect your business from digital threats21.
The policy can be primary or excess, fitting your specific needs. It’s also on a claims-made basis. This means it covers wrongful acts found during the policy period21.
Allied World Cyber Insurance is available worldwide, following local laws. This global coverage ensures your business is safe no matter where it is21.
| Coverage Details | Limits |
|---|---|
| Aggregate Limit | Up to $25 million |
| First Party Privacy Event Coverage | Up to $10,000 at no additional charge, with optional additional limits up to $1 million available |
| First Party Privacy Notification Coverage | Additional limit for Notification & Credit Monitoring Costs for up to 2,500 individuals at no extra charge, with an optional additional limit available for up to 75,000 individuals |
| Financial Strength Rating | A (Excellent) from A.M. Best |
Allied World also offers risk management services to help prevent cyber threats. These include educational sessions and newsletters tailored to each client’s needs21.
For businesses needing even more cyber insurance limits, Allied World has a separate cyber product. It offers more coverage options21.
“Timeliness, quality, and accuracy are essential components of mitigating a network incident or breach of sensitive information.”
Conclusion
Allied World Cyber Insurance offers top-notch protection for your business against cyber threats22. It has strong first-party and third-party coverages. Plus, it includes crisis management and risk management tools. This makes it a complete solution to handle cyber risks and keep your business running2324.
With Allied World’s help, you can protect your digital assets and avoid big financial losses22. It doesn’t matter if you’re a small or big company. Allied World has custom solutions for every business. This gives you the confidence to grow your business without worry2324.
Cyber threats are getting worse, affecting businesses all over the U.S., including Florida24. Getting cyber liability coverage from Allied World is a smart move. It helps you stay ahead of cyber risks and keeps your business safe in the digital world222324.
FAQ
What is Allied World Cyber Insurance?
What types of coverages does Allied World Cyber Insurance provide?
How does Allied World Cyber Insurance help with crisis management and incident response?
What is the Allied World //FrameWRX platform?
What are the coverage limits and jurisdictions for Allied World Cyber Insurance?
Source Links
- Allied World Revises Cyber Insurance Form – Allied World – https://awac.com/insurance/allied-world-revises-cyber-insurance-form/
- Allied World Announces Enhanced Services from Kivu for Allied World//FrameWRX℠ Cyber Risk Management Platform – Allied World – https://awac.com/insurance/allied-world-announces-enhanced-services-from-kivu-for-allied-world-framewrx℠-cyber-risk-management-platform/
- PDF – https://alliedworldinsurance.com/wp-content/uploads/sites/2/2022/02/AW-US-PL-Cyber-Insurance-0222.pdf
- PDF – https://content.naic.org/sites/default/files/cipr-jir-2023-4.pdf
- Build Cyber Resilience with the Right Insurance Cover | Network Intelligence – https://networkintelligence.ai/build-cyber-resilience-with-the-right-insurance-cover/
- Cyber Insurance – https://www.heffins.com/business-insurance/cyber-insurance/
- AXIS Capital Cyber & Technology E&O – https://www.axiscapital.com/insurance/cyber-technology-e-o
- Cyber Enterprise Risk Management | The Trust – https://www.trustinsurance.com/Insurance-Programs/Cyber-Enterprise
- Understanding Allied World Cyber Insurance – https://atinsurance.online/understanding-allied-world-cyber-insurance/
- Allied World Insurance Cyber Security Rating & Vendor Risk Report | SecurityScorecard – https://securityscorecard.com/security-rating/alliedworldinsurance.com
- Allied World Bermuda’s Perspective on Emerging Cyber Risks & Buying Strategies | The Insurer TV – https://www.theinsurertv.com/close-quarter/allied-worlds-stevens-cedants-retaining-more-risk-as-cyber-rates-rise/
- Cyber Insurance: Risks and Solutions – https://roughnotes.com/cyber-insurance-risks-solutions/
- Cyber Insurance Market Size, Share, Trends & Growth 2032 – https://www.alliedmarketresearch.com/cyber-insurance-market
- Cyber Insurance Companies – CyberInsureOne – https://cyberinsureone.com/cyber-insurance-companies/
- PDF – http://betterley.com/samples/ipims14_nt.pdf
- PDF – http://www.liftman.com/wp-content/uploads/Specimen-Cyber-Policy.pdf
- PDF – https://alliedworldinsurance.com/wp-content/uploads/sites/2/2019/07/AW-HCML-365Complete-0719.pdf
- The top cyber insurance companies in the US – https://www.insurancebusinessmag.com/us/guides/the-top-cyber-insurance-companies-in-the-us-440991.aspx
- Breachless Cyber Claims – Conference Chronicles – https://www.safetynational.com/conferencechronicles/breachless-cyber-claims/
- Allied World’s Glasgow Advises Close Eye on Cyber Regulatory Environment – Advisen Ltd. – https://www.advisenltd.com/wp-content/uploads/2016/09/jason-glasgow-awac-executive-interview-2016-09-29.pdf
- PDF – https://assets.alliedworld.cloud/awac.com/marketing/QR1/AWeo-Agents-Brokers.pdf
- PDF – https://assets.alliedworld.cloud/awac.com/marketing/QR2/AW_Claims Article_Nov2017.pdf
- – THE ROLE OF CYBER INSURANCE IN RISK MANAGEMENT – https://www.govinfo.gov/content/pkg/CHRG-114hhrg22625/html/CHRG-114hhrg22625.htm
- The Growing Importance of Cyber Liability Insurance for Florida Businesses – https://alliedinsgroup.net/importance-cyber-liability-insurance-businesses/