Data Privacy & Cybersecurity: Cyber Product Offerings

Our 2023 Travelers Risk Index report found that, for the ninth straight year, cyber threats were one of the top three concerns across all businesses. Despite heightened cyber concerns, and increased cyber threats, many businesses remain unprepared and have not implemented basic prevention measures, such as multifactor authentication or incident response planning. According to the survey, nearly one quarter of participants said that their company has been a cyber victim, with nearly half reporting that the event happened within the past 12 months.

Now more than ever, businesses and organizations of all sizes need to prepare with both cyber insurance and an effective cybersecurity plan to manage and mitigate cyber risk. Travelers understands the complexity of cyber threats and continues to proactively address cyber concerns. We provide policyholders with cyber protection – before, during and after a cyber breach or incident. 

The cost of dealing with a cyber event goes beyond repairing databases, strengthening security procedures or replacing lost laptops. Companies may face liability if their customers’ personally identifiable information or protected health information are compromised. Regulations requiring notification of affected customers also drive costs for companies that have experienced a data breach compromising personal or confidential data. There is also a cost involved with the efforts needed to defend the company’s reputation, as well as with the retention of skilled computer forensics teams to determine the extent of the breach. We have a number of different coverages available and work with our customers and our agent and broker partners to tailor the coverages to the specific risks our customers face.

Our cyber offerings go beyond just insurance coverage. By partnering with leading global providers, Travelers is able to offer both agents and policyholders educational tools, risk management resources and pre- and post-breach services. Our cyber risk professionals can help identify the best cyber liability insurance solution to provide business customers with access to endpoint detection and response monitoring services, pre-breach services from HCL Technologies and a robust collection of specialized risk management resources. These tools help our agents and policyholders become more knowledgeable and informed about cyber threats and how to prepare for and respond to them.

Differentiators of our cyber insurance program include the following:

• Travelers has provided cyber-related insurance coverage with robust risk management services for more than 30 years.
• Travelers understands the importance of helping organizations work through an incident, from recovering after a breach to managing expenses associated with a cyber event.
• Our Chief Information Security Officer meets regularly with the Cyber Insurance team to promote sharing and collaboration within our business.
• From 2014 to 2023, our gross written premium from cyber coverage has seen an over 25% compound annual growth rate.
• In the most recent National Association of Insurance Commissioners Report on the Cybersecurity Insurance Market, Travelers was listed as a top cybersecurity insurance carrier based on direct premiums written.¹

Visit the Cyber Insurance page on our corporate website for more information on our cyber products and services.

¹ Report on the Cybersecurity Insurance Market, November 2023.