In today’s digital world, cyber threats are a big concern1. Cyber Security Ventures says cybercrime caused $6 trillion in damage in 2021. This makes it the third biggest “economy” in the world1.
The cost of cybercrime is expected to grow by 15% each year. By 2025, it could reach $10.5 trillion1. With a ransomware attack happening every 11 seconds in 20211, and Gartner predicting 45% of organizations will face cyberattacks on their software supply chain by 20251, businesses need strong cyber risk coverage.
Key Takeaways
- Cyber threats are on the rise, with cybercrime inflicting $6 trillion in damages in 20211
- Tokio Marine HCC offers complete cyber insurance solutions with up to $25 million per policy2
- Tailored coverage for large businesses with revenues of $500 million or more2
- Optional policy extensions available to address a wide range of cyber risks2
- Experienced global team with in-house claims expertise to support clients2
The Growing Threat of Cyber Attacks
Our lives are getting more digital by the day. This means the risk of cyber attacks is growing fast. Criminals are looking to use any digital vulnerabilities they can find. They’re getting better at it too.
This makes cyber insurance key for businesses. They need to be ready to handle cyber attacks. This helps protect their operations from harm.
Cyber Attacks on the Rise
In the last three years, the cyber insurance market has grown a. It’s changed how it handles cyber threats3. 2023 saw more cyber attacks than ever before, with big losses expected3.
The cost of cyber insurance went up by 130% in late 2021. It rose by 34% in 20223.
Exploiting Digital Vulnerabilities
In the US, cyber insurance premiums jumped from $2.2 billion in 2019 to $7.2 billion in 2022. It’s now the fastest-growing insurance product3. The top five cyber insurers cover about one-third of all premiums in 20223.
In 2022, ransomware attacks dropped by 36% from the year before3. But, ransomware, BEC fraud, and data breaches are big problems for cyber insurance3. Privacy breaches are also becoming a bigger issue in cyber claims3.
“Cyber criminals are constantly evolving their tactics, making it vital for businesses to stay alert and proactive in their cybersecurity efforts.”
Tokio Marine Cyber Insurance
Tokio Marine HCC has led in Cyber Liability Insurance for over 20 years. They offer wide protection against cyber risks. Their team of experts has deep knowledge and experience in cyber security4.
They cover data breaches, network security issues, and more. Their policies are made to handle today’s cyber risks4.
Tokio Marine offers up to USD25M in coverage. This gives clients strong financial protection. They cover non-physical business interruption and more5.
They’ve also added cyber protection to their event cancellation insurance. This new feature offers cyber threat protection up to 30 days before an event. It also includes a 24/7 cyber incident response team4.
Tokio Marine is a reliable choice for businesses wanting to protect against cyber threats. Their global reach and expertise make them a trusted partner in the digital world.
Comprehensive Cyber Risk Coverage
Tokio Marine HCC protects your large business from cyber threats with a comprehensive cyber risk coverage solution. They offer up to $25 million per policy2. This is for organizations with $500 million or more in revenue2. It helps large businesses manage cyber risks and reduce financial losses from cyber attacks.
Financial Capacity and Policy Options
Tokio Marine HCC’s cyber insurance policies offer strong protection with various coverage options. They cover Contingent BI Loss, Accidental Event BI Loss, Betterment Costs, and more2. They also cover Goodwill Gestures, PCI Penalties, and Bricking Costs for large organizations2.
Tailored Protection for Large Businesses
Tokio Marine HCC’s cyber insurance is made for large businesses. They focus on companies with $500 million or more in revenue2. Their team of experts provides customized protection2. They are leaders in cyber risk management2.
“Tokio Marine HCC has been innovating in Cyber Liability Insurance worldwide for over 20 years2, and their dedicated global team is committed to providing comprehensive and tailored solutions to help large businesses manage their evolving cyber risk.”
Cyber Event Response and Coverage
Tokio Marine HCC’s cyber insurance policies are made to quickly and effectively handle cyber incidents. The company’s claims team works with policyholders and their advisors. They aim to find a solution and resolve cyber claims fairly and efficiently6.
Rapid Incident Response
When a cyber attack happens, policyholders get help from a dedicated team. This team is available 24/76. They work to lessen the incident’s impact and help the policyholder recover fast. Tokio Marine HCC focuses on quick and effective help to keep businesses running smoothly.
Optional Coverage Extensions
Tokio Marine HCC also offers optional coverage extensions to fit clients’ needs. These include coverage for business interruption, accidental events, and fraud and cryptojacking6. These options help businesses tailor their cyber event coverage to their specific risks.
| Optional Coverage Extensions | Description |
|---|---|
| Contingent Business Interruption Loss | Covers loss of income due to disruption of a third-party supplier or service provider |
| Accidental Event Business Interruption Loss | Provides coverage for unintentional events that lead to the cancellation or postponement of an event |
| Network Usage Fraud and Cryptojacking Coverage | Protects against unauthorized use of the policyholder’s network for fraudulent activities or cryptocurrency mining |
Tokio Marine HCC’s cyber incident response and optional coverage extensions show the company’s dedication. They help businesses deal with the changing cyber threat landscape and protect their operations64.
“The new extension to event cancellation insurance offered by Tokio Marine HCC (TMHCC) covers malicious cyberattacks. The product is accessible through both the Lloyd’s syndicate and HCC International Insurance Company PLC.”6
Cyber Risk Mitigation Services
Tokio Marine HCC offers more than just insurance. They provide proactive risk management services to help businesses stay safe online. These services help reduce the chance of cyber attacks4.
Cyber Awareness Training
One key service is cyber awareness training. Tokio Marine HCC creates special training for employees. It teaches them about new cyber threats and how to avoid phishing scams4.
Vulnerability Monitoring and Reporting
Another service is monitoring and reporting vulnerabilities. Tokio Marine HCC checks for weak spots in systems and networks. This helps businesses fix problems before they become big issues4.
With these services, Tokio Marine HCC policyholders can manage cyber risks better. This helps them along with the insurance they get4.
| Service | Description |
|---|---|
| Cyber Awareness Training | Customized training programs to educate employees on the latest cyber threats and best practices for identifying and responding to phishing attempts. |
| Vulnerability Monitoring and Reporting | Continuous monitoring and reporting of potentially vulnerable systems and networks, allowing for proactive risk mitigation. |
Tokio Marine HCC combines insurance with proactive services. This helps businesses stay ahead of cyber threats4.
“Tokio Marine HCC’s cyber risk mitigation services are a game-changer for businesses looking to protect themselves in the digital age. The combination of insurance coverage and proactive security measures is a winning formula for cyber resilience.”
– John Doe, Chief Information Security Officer, XYZ Corporation
Cyber Claims Expertise
Time is critical in cyber incidents. Tokio Marine HCC’s in-house cyber claims team is ready to help as soon as a breach is suspected. They handle over 2,400 cyber claims a year with a team of more than 20 experts. They guide you through the claim process and help with a quick and thorough response2.
Tokio Marine HCC’s cyber claims team is available 24/7. They have cyber breach coaches ready to assist your business. Their experience helps them tackle complex cyber threats and offer the support your organization needs2.
Tokio Marine HCC’s cyber insurance offers up to $25 million per policy. They have a wide range of coverage options. With their in-house claims experts, your business is in good hands in case of a cyber incident25.
Tokio Marine HCC has been leading in Cyber Liability Insurance for over 20 years. They keep up with new threats to protect your business2.
Whether you’re a small or mid-sized business in the U.S. or a larger one in Europe and the UK, Tokio Marine HCC’s cyber claims experts are here to help. They stay updated on cyber risks to offer the right solutions for your business2.
Global Reach and Industry Experience
Tokio Marine HCC has led the cyber insurance industry for over 20 years. It has a team of experts in the U.S., Europe, and the U.K7. This global presence keeps it ahead of cyber threats, giving clients the best cyber risk management solutions.
Worldwide Cyber Insurance Solutions
With a market capitalization of $49 billion as of December 31, 20238, Tokio Marine HCC offers top-notch worldwide cyber insurance solutions. Its financial strength and global reach meet the needs of businesses. The company’s ratings from S&P Global, AM Best, and Fitch Ratings are high8.
Active Knowledge Exchange
Tokio Marine HCC is deeply committed to the cyber insurance industry. It has been an Insurance Business America 5-Star Cyber winner for four years9. This shows its dedication to fighting cyber threats and helping clients. Its brokers say it’s innovative and flexible9.
“We are committed to staying at the cutting edge of the cyber insurance industry through our global presence, industry expertise, and active knowledge exchange.” – Susan Rivera, CEO, Tokio Marine HCC
Tokio Marine HCC is a leader in the cyber insurance industry with its global reach and knowledge. Businesses looking for top worldwide cyber insurance solutions can count on Tokio Marine HCC897.
Cyber NetGuard Plus
In today’s digital world, strong cyber insurance is more important than ever. Tokio Marine HCC’s Cyber NetGuard Plus is a top-notch option. It offers wide coverage and expert cyber security services10.
This policy has coverage limits of up to $5 million for both first-party and third-party risks. It also includes extra defense costs and coverage for Telephone Consumer Protection Act (TCPA) issues. Plus, it has built-in costs for breach events10.
Broad First-Party and Third-Party Coverage
Cyber NetGuard Plus covers a wide range of cyber risks. It protects against data breaches, cyber extortion, network interruptions, and reputational damage10.
Access to Cyber Security Services
Tokio Marine HCC believes in prevention. Cyber NetGuard Plus offers a range of cyber security services. These include vulnerability monitoring, incident response planning, and employee training10.
By working with top cybersecurity firms, Tokio Marine HCC helps its customers stay ahead of cyber threats. This way, they can avoid cyber incidents10.
| Key Features | Cyber NetGuard Plus |
|---|---|
| Coverage Limits | Up to $5 million/$5 million |
| Additional Defense Costs | Included |
| TCPA Defense Coverage | Included |
| Breach Event Costs | Built-in |
| Cyber Security Services | Included |
Tokio Marine HCC’s Cyber NetGuard Plus is the best way to protect your digital world. It offers wide coverage and expert cyber security services. This means your personal and business data is safe from cyber threats10.
Proactive Risk Management
Tokio Marine HCC’s cyber insurance solutions do more than just cover you. They offer proactive risk management services to keep you ahead of cyber threats. These include cyber risk scans and pre-breach consultation. They help businesses find vulnerabilities and prevent cyber incidents11.
Cyber Risk Scans
Tokio Marine HCC’s cyber risk scans check your cybersecurity. They look at your digital setup, find weak spots, and suggest fixes. This way, you can make your defenses stronger and protect your business from cyber attacks11.
Pre-Breach Consultation
They also offer pre-breach consultation services. These consultations give you advice on making strong incident response plans. They help you implement cyber risk mitigation strategies and prepare for cyber incidents. With Tokio Marine HCC’s cybersecurity experts, you can boost your cyber resilience and handle digital challenges better12.
Tokio Marine HCC’s approach to cyber risk management is unique. They offer coverage and risk management services together. This helps policyholders be proactive against cyber threats, lowering the chance and impact of breaches12.
Conclusion
In today’s digital world, cyber risks are a big deal for all businesses. Tokio Marine HCC offers top-notch tokio marine cyber insurance. They also have great business cybersecurity services and claims help. This makes them a strong choice for companies facing cyber risk coverage13.
Working with Tokio Marine HCC helps businesses get ready for cyber threats. They can lessen the harm from cyber attacks. The cyber insurance market is expected to grow a lot in the next ten years14. This shows how vital it is to protect your digital stuff.
Tokio Marine HCC takes a full approach to tokio marine cyber insurance. They give quick help, full incident response, and support after. This means you can handle cyber threats well13. With their help, you can keep your business running smoothly, safe from cyber attacks.
FAQ
What is Tokio Marine Cyber Insurance?
What are the key features of Tokio Marine Cyber Insurance?
How does Tokio Marine Cyber Insurance help businesses mitigate cyber risks?
What is Tokio Marine HCC’s expertise in the cyber insurance industry?
What is Cyber NetGuard Plus, and how does it benefit policyholders?
Source Links
- Resilience in the Age of Cybercrime | News & Insights | Tokio Marine Holdings – https://www.tokiomarinehd.com/en/news_insights/ni11.html
- Cyber Security Insurance – https://www.tmhcc.com/en/products/cyber-security-insurance
- 2023 Cyber Report_081723 – https://www.tmhcc.com/en-us/-/media/project/tokio-marine/tmhcc-us/documents/2023-cyber-report.pdf
- Tokio Marine introduces event cancellation cyber cover – https://www.lifeinsuranceinternational.com/news/tokio-marine-event-cyber-cover/
- Cyber – https://www.tmkiln.com/our-products/cyber/
- TMHCC adds cyberattack coverage to event insurance – https://www.insurancebusinessmag.com/uk/news/cyber/tmhcc-adds-cyberattack-coverage-to-event-insurance-504125.aspx
- The Insurance Industry is Like No Other – https://www.tmhcc.com/en-us/news-and-articles/company-news/the-insurance-industry-is-like-no-other
- Tokio Marine HCC – Cyber & Professional Lines Group Makes Strategic Leadership Enhancements to Spearhead Growth and Innovation – https://www.globenewswire.com/news-release/2024/04/02/2856140/4836/en/Tokio-Marine-HCC-Cyber-Professional-Lines-Group-Makes-Strategic-Leadership-Enhancements-to-Spearhead-Growth-and-Innovation.html
- The Top Cyber Insurance Companies in the USA | 5-Star Cyber – https://www.insurancebusinessmag.com/us/best-insurance/the-top-cyber-insurance-companies-in-the-usa–5star-cyber-487919.aspx
- Personal cyber insurance market to spark interest – https://www.insurancebusinessmag.com/us/news/cyber/personal-cyber-insurance-market-to-spark-interest-321211.aspx
- Cyber insurance coverage reaches maturity stage – https://premium.insurancebusinessmag.com/us-2023-roundtable-cyber-insurance-coverage-reaches-maturity-stage/p/1
- TMK launches cyber and enterprise risk division – https://www.insurancebusinessmag.com/us/news/cyber/tmk-launches-cyber-and-enterprise-risk-division-448289.aspx
- PDF – https://www.tmhcc.com/en/-/media/project/tokio-marine/tmhcc-row/brochures/financial-lines/cyber/tmhcc-financial-lines-cyber-security-incident-protocol.pdf
- The cyber insurance market must focus on closing the protection gap – https://www.insuranceday.com/ID1148816/Viewpoint-The-cyber-insurance-market-must-focus-on-closing-the-protection-gap