Data Privacy & Cybersecurity: Cyber Product Offerings

In our 2024 Travelers Risk Index survey, cyber reclaimed the number one spot among business concerns. Notably, the number of respondents worried about cyber risks is now at the highest level in the 11-year history of the survey. Many of the respondents believe that having proper cybersecurity controls in place is critical, yet they have neither implemented best practices, such as using multifactor authentication for remote access or having an incident response (IR) plan, nor secured cyber insurance.

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 is 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.

Because we are committed to helping businesses manage and mitigate cyber risks, our cyber product offerings go beyond just insurance coverage. We offer our cyber liability policyholders educational tools, risk management resources and pre- and post-breach services. Additionally, our cyber team can help identify the best cyber liability insurance solution to provide business customers with access to a robust collection of specialized cyber 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 been providing cyber-related insurance coverage for nearly 30 years and offers robust risk management services to help policyholders mitigate their cyber exposures.
• 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 engage in sharing and collaboration within the Travelers enterprise.
• In the most recent National Association of Insurance Commissioners Report on the Cyber Insurance Market, Travelers was listed as one of the top five cybersecurity insurance carriers based on direct premiums written.¹

Visit the Cyber Insurance section of our corporate website or the Innovation section of this website for more information on our cyber products and services.

¹ Report on the Cyber Insurance Market, October 2024.