Where to Begin with Privacy Insurance

June 23, 2015

The current privacy liability industry is estimated to be about $2.5bn in gross written premium, while most industry experts forecast a mature market to range around $50bn.  With such staggering growth, it will become incumbent upon insurance professionals who traditionally operate in other lines of business to familiarize themselves with “cyber” liability exposures.  As such, we at Hiscox have created a thorough Privacy 101 document to help those new to the topic of cyber liability gain a comfort level with industry terminology, exposures and corresponding coverage components. Additionally, we’ve partnered with Advisen, a leading provider of privacy insurance intelligence, to provide information on privacy trends in specific industries.

We think it is invaluable to help build a vibrant marketplace filled with experts who can identify exposures and find the best way to mitigate potential losses. Helping your client purchase the ‘right’ kind of cyber liability insurance (and enough limit) is important, but it’s also about ensuring they have the proper experts to assist them when a breach occurs. Hiscox offers all stand-alone privacy policyholders access to seasoned industry partners who provide information on best practices, regulatory requirements, and incident response plans for any business that has any type of sensitive information (including internal employee information). Further, if a breach does ensue, our policyholders can feel confident with guidance from an experienced “Breach Coach” to help them navigate the crucial (and timely) steps that need to be taken after a breach event has been discovered.

While these services are imperative in responding to a breach, it can be even more important to ensure that clients have purchased the “right” kind of cyber liability insurance (and enough limit).  Our Privacy 101 guide can help agents, brokers and insureds become more comfortable discussing the topic of cyber liability.  We often hear that newer market entrants “Don’t even know where to start”.  To that we say, start with Privacy 101 and our Professional Services Privacy Breach Infographic.