When it comes to Cybersecurity Insurance what are most people using? We currently use Beazley and am up for renewal. Before I signed another 3-year contract, I’d like to hear from my peers what are you using?

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Associate Vice President, Information Technology & CISO in Education, 1,001 - 5,000 employees
We're currently with Chubb. I've had a really tough time with renewals, and I've come to realize it is likely the broker's fault. I met with Chubb the other week and walked through my cyber program, and they said they felt 5x better about us given the discussion. I've been trying for over six months to get in front of the underwriter, but the broker was playing games.

My advice is, if you are having challenges, try and speak with the underwriters directly. For some industries, the cyber insurance underwriters are trying to divest, and are tough to renew... If you're getting a 3 year option and are happy, I'd say lock it in. It'll be tougher to get renewals before it gets easier, in my opinion.

AIG is another good one to look at.
3 1 Reply
Chief Information Officer in Manufacturing, 10,001+ employees

John -

Thank you for the information. That helps to move forward and make a more concise decision on which cybersecurity insurance provider to go with. I know the renewals are going to get worse as security challenges increase.

Board Member, Advisor, Executive Coach in Software, Self-employed
It may be less important to evaluate who you use but their track record to pay out a claim as well as the restrictions/requirements they may have for them to payout. Perhaps we should do a poll and ask folks who they use, how happy they are with the provider, and any ‘gotcha’ sort of requirements the provider has
3 2 Replies
Chief Information Officer in Manufacturing, 10,001+ employees

Malcolm -

I've evaluated the payout track record and the requirements/restrictions they to retain a policy from Beazely.  They are pretty restricted in what they will cover and making the renewal a challenge.

A great question to open a poll with? If you don't mind, I will open a poll asking what people are using and if they are happy with their choice.

Board Member, Advisor, Executive Coach in Software, Self-employed

thats great - we can do our on "yelp" rating for them :)

SVP in Finance (non-banking), 1,001 - 5,000 employees
Check out Marsh and CFC. I have seen few policies from CFC and their coverage has been great.

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