CYBER SECURITY INSURANCE
What is Cyber Insurance?
Cyber insurance provides financial protection for businesses against modern digital risks such as data breaches, hacking incidents and malicious cyber crime attacks on computer systems and networks.
Cyber attacks are the fastest-growing threat to modern businesses, with billions of attempts by hackers every year. As businesses rely on IT security and systems to manage most, if not all, of their critical business systems, our cyber security insurance policies protect your IT infrastructure against loss or damage as a result of a successful hack.
Our Cyber Insurance Policies
Our insurance policy offerings are aimed at two distinct market sectors: innovative and bespoke solutions for global/multi-national entities; and comprehensive, turnkey solutions for retail brokers, insurers and managing general underwriters. With direct access to the cyber insurance underwriters, your core business operations and threats to them can be properly addressed in the resulting solution.
The Canopius Cyber Team, based in London and other international hubs, has nearly 40 specialist and dedicated in-house cyber professionals. Our professionals work together to ensure holistic strength in risk assessment and cyber risk management to build the perfect insurance cover for your business.
How much does cyber insurance cost?
At Canopius, we believe in fair and honest pricing. The cost of Cyber Risk Insurance coverage varies based on the level of coverage you choose, the nature of your business, and the risks involved.
Our pricing is competitive and data-driven. We work with you to find a cyber protection solution that fits your budget and provides the cover you need.
We’re cyber specialists in the following industries and sectors
What does cyber insurance cover?
We insure businesses across the spectrum, in respect of their cyber exposure, for up to $25 million (USD) per risk in aggregate and $25 million (USD) for delegated authorities and binders.
Our portfolio comprises:
- Full 1st and 3rd party cyber insurance cover
- Non-physical business interruption coverage
- Remediation costs, including any fines and penalties
- Network security liability
- Breaches of privacy liability, including data breach insurance
- Technology errors and omissions
- Social engineering coverage
- Physical damage caused by cyberattacks
There is a broad appetite for industry sectors, which includes, but is not limited to, the following: technology, retail, healthcare, financial institutions, manufacturing, utilities, and aviation. Policies are available world-wide on either an insurance policy or reinsurance basis, where licensing permits.
What sets us apart
- Fair & Honest Pricing: competitive, data-driven, and transparent.
- Tailored Solutions: we thrive on complex, unique risks and write policies specifically for your business.
- 24/7 Incident Response: our Cyber Incident Response Team acts within two hours, managing crises with expert partners in forensics, legal, PR, and ransomware negotiations.
- Fast Claims Support: initial assessments within five days, with a dedicated adjuster for seamless resolution.
- Specialist Expertise: our in-house, cyber-only team ensures top-tier resources when you need them most.
Who Needs Cyber Insurance?
Small, Medium & Enterprise-Level Businesses
Businesses of all sizes face digital threats. From SMEs to large-scale enterprises, cyber security insurance is critical to mitigating potential risks.
Industry-Specific Considerations
Certain industries, such as healthcare, financial services, and manufacturing, face heightened cyber risks due to sensitive data and operational dependency on IT systems.
Common Exclusions or Restricted Industries
Currently, we do not accept risks from Iran, North Korea, and Cuba, or industries that operate outside our licensing agreements.
Geographical locations
Currently Canopius will accept risks from all international locations except Iran, North Korea and Cuba.
Speak to one of our specialist underwriters – select from the regions below
FAQs
What Level of cyber insurance do I need?
At Canopius, we offer Cyber Risk Insurance coverage that can cover businesses for up to $25 million (USD) per risk. The level of Cyber Insurance you need depends on several factors, including the size of your business, the nature of your data, your industry sector, and the potential risks you face. We cater to a broad range of industries, and our underwriting process is tailored to your specific business needs, ensuring you get the right level of cyber protection.
What companies require cyber insurance?
Businesses in:
- Technology
- Retail
- Healthcare
- Financial institutions
- Manufacturing
- Utilities
- Aviation
All of these businesses need cyber insurance to protect against cyber security threats like cyber attacks, data breaches, and business interruption.
Is it worth having cyber insurance?
Yes, it provides financial protection against cyber attacks, data breaches, and business interruption coverage. It enhances cyber security by covering network security liability, privacy breaches, and remediation costs.
Canopius offers tailored solutions and competitive pricing to address specific cyber security needs and business interruption concerns. Talk to one of our specialists now.
What happens if I don’t have coverage?
Without cyber insurance, businesses are exposed to significant financial losses from cyberattacks, including legal fees, remediation costs, and reputational damage.
How do I choose the right policy limits?
Policy limits should reflect the scale of your operations, the nature of your data, and the financial risks posed by potential cyber threats. Our cyber insurance underwriters will work with you to establish appropriate coverage.
Are there additional steps to stay protected?
Beyond having a comprehensive cyber insurance cover, businesses should invest in robust cybersecurity practices, regular employee training, and proactive risk management to minimise exposure.
Cyber Glossary
See our Cyber Glossary below, or click here to see all at a glance
