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Prepare. Prevent. Protect.
Ransomware, unauthorized access, data privacy, business resilience—these are constant concerns for businesses striving to protect themselves in today’s digital landscape.
That's why having cyber insurance is crucial, offering the support and protection needed to effectively address these ongoing risks. With decades of experience, Markel is a trusted provider of cyber insurance, delivering tailored solutions to help safeguard your business.
Safeguarding businesses before, during and after cyber-attacks for over 40 years.
Recovering from a cyberattack can be both costly and time-consuming, with consequences that go beyond financial loss. With over 40 years of experience, Markel understands the evolving challenges of the digital world. That’s why we created Markel Cyber 360®, a customizable cyber insurance policy designed to meet your business’s unique needs.
Markel's coverage helps your business recover after a cyberattack and provides the tools and resources to reduce risks, respond effectively to crises, and support a smooth recovery. From risk management to claims support, Markel is here to protect your business every step of the way.
Why is cyber insurance important?
Costly and time-consuming
Recovering from a data leakage, theft, ransomware or other cyber event can be expensive and time-consuming to rectify. Your business will need to adhere to compliance requirements and perform remediation to recover. Your company may also temporarily be disrupted and forced into costly downtime.
Financial losses and brand damage
The aftermath of a cyber incident can lead to significant financial losses due to costs related to remediation, lawsuits, and potential legal penalties. Additionally, the cybersecurity incident can severely damage your brand reputation, diminishing customer trust and leading to a loss of business. Rebuilding that trust often requires substantial time and resources, making proactive cybersecurity measures essential.
Proactive strategies for evolving cyber threats
Cyber insurance is crucial because it encourages businesses to proactively implement risk management strategies to prevent cyber attacks. It also helps companies stay ahead of evolving threats by encouraging businesses to develop crisis preparedness strategy through comprehensive response plans, ensuring they are well-equipped to handle a potential cyber incident effectively.
What we offer
We have a broad appetite for companies with strong security controls, including:
- Financial and professional services
- Retail
- Manufacturing
- Technology
- Healthcare
- And much more
In addition to coverage, Markel offers Cyber 360® policyholders innovative tools and resources designed to safeguard their businesses before, during, and after a cyberattack.
Pre-event services available
- Black Kite - When assessing your business's risk, our underwriters rely on Black Kite—a cutting-edge tool that uses advanced analytics to gather data from both the public and dark web. This comprehensive approach helps provide tailored coverage and actionable insights to address vulnerabilities in your cyber risk profile.
- eRiskHub® access - Cyber 360® policyholders have free access to the NetDiligence® eRiskHub®, an online cyber risk management portal packed with tools and resources to help protect your business from today’s most prominent cyber threats.
- QuietAudit capabilities
- Penetration testing
- Legal services
- Loss control and education
Post-event services available
- Breach response and privacy counsel
- Forensic investigation firms
- Document review and breach notification
- Credit monitoring
- Public relations
- Data restoration firm
- Technical recovery
Cyber incident response and recovery
Cyber extortion
Coverage may include payments to satisfy an extortion demand to end a cyber-attack, like ransomware. Cyber extortion events can include disruption to business systems or encryption, damage, or theft of data.
Incident response
Helps cover expenses incurred after a cyber-attack, including digital forensic investigations, legal services, credit monitoring, and public relations, to effectively mitigate the situation.
System and data recovery
Coverage may include the costs of restoring computer systems and data after a security incident, including replacing hardware, upgrading software, and improving digital security technology.
Reputational harm
Coverage for the loss of net profit a business can prove would have been earned during a period affected by negative publicity from an actual or alleged cyber event.
Business disruption
Business interruption
Protects against lost income and additional expenses resulting from disruptions or system failures in your business's computer systems.
Dependent business interruption
Covers lost income and additional expenses resulting from interruptions or system failures in a service provider's computer systems.
Fraud and unauthorized use
eCrime
Covers expenses from fraudulent activities, such as unauthorized money transfers, fake payment instructions, and increased internet and electricity usage caused by deceptive communications that trick employees.
Telecommunications fraud
Helps cover unauthorized use of a business's computer system or telecom services, like cryptojacking, leading to higher costs for internet, electricity, or other services beyond normal business usage. It also helps cover expenses to investigate or fix the effects of fraud.
Liability
Privacy and security liability
Coverage may included damages and expenses from security incidents like unauthorized access to computer systems, loss of confidential information, or failure to protect data, which can lead to data privacy violations or security breaches.
Privacy regulatory liability
Covers violations of data privacy laws about collecting, using, and protecting personal data, like financial or health information.
PCI DSS liability
Covers fines, penalties, and other costs from not complying with the Payment Card Industry Data Security Standard (PCI-DSS). This includes fees from card companies, investigation costs, card reissuance, and reimbursement for fraud or losses.
Media liability
Protects against issues like defamation, data privacy violations, emotional distress, and unfair competition from digital content shared by a business to promote its products or services, during or after a cyber event.
Technology professional liability
Covers businesses against claims for errors, omissions, or misrepresentations in technology services.
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Frequently asked questions about cyber insurance
What is cyber insurance?
Cyber insurance is a specialized policy designed to protect businesses from financial losses due to cyber attacks, including (but not limited to) data breaches, hacking, and other online threats.Who needs cyber insurance?
Any business that uses technology and handles sensitive information can benefit from cyber insurance, especially those in industries like healthcare, finance, and e-commerce.Does cyber insurance cover all types of cyber-attacks?
While cyber insurance covers many types of cyber incidents, the specifics depend on the policy. It's essential to review coverage details to understand what is included.Why is cyber insurance important for small businesses?
Cyber insurance is crucial for small businesses as it provides financial protection against the high costs associated with cyber incidents, helping them recover and maintain operations.Does cyber insurance cover data breaches?
Yes, most cyber insurance policies provide coverage for data breaches, including expenses related to notification, credit monitoring, and legal support.How much does cyber insurance cost?
The cost of cyber insurance varies based on factors like the size of your business, industry, coverage limits, and claims history. It's best to obtain quotes for a more accurate estimate. Reach out to your agent today for a free, no-obligation Markel cyber insurance quote.Are there any exclusions in cyber insurance policies?
Yes, cyber insurance policies may have exclusions. Common exclusions include acts of war, insider threats, and failure to maintain security protocols. Always review your policy for specific details.How much cyber insurance coverage do I need?
The amount of coverage needed depends on your business's size, the sensitivity of the data you handle, and your risk exposure. Reach out to your agent today for a free, no-obligation Markel Cyber 360® insurance quote.
We're here to help you protect your business and its future.
With over 40 years of experience, Markel knows how quickly a cyberattack can strike. That’s why a Markel Cyber 360® policy supports you at every stage— predicting risks, detecting threats, protecting your business, and guiding recovery. Ready to learn more? Contact us today.
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