Cyber/Privacy Insurance


The Betterley Report: Cyber/Privacy Insurance Market Survey 2022

2022 Report Highlights


insurers analyzed


pages of insurer comparison charts

Market Information for Each Insurer Based on 3 Categories:

  • Targeted Insureds by Size
  • Targeted Insureds by Industry
  • Prohibited Insureds
Updates inside the full report include:
  • 98 pages with 27 different kinds of charts comparing 22 of the most prominent insurers writing cyber and privacy liability insurance
  • 32 sources of insurance were surveyed, including a few managing general underwriters
  • 2 new charts are included addressing (1) whether there is coverage for loss from a state sponsored act, and (2) whether there is coverage for loss from a non-state sponsored terrorist act
  • Reasons why ransomware claims continue to be a huge problem
  • Rate, deductible, and growth estimates from 11 insurers
  • Updated premium growth estimates based on NAIC data
  • The impact of COVID-19 on ransomware activity
  • A look at other types of cyber coverage being sought after (i.e., beyond liability coverage)
  • Analysis of how certain business agreements, and the acceptance of responsibility for cyber losses within them, are impacting small and midsized insureds
  • Comparison of important policy conditions such as claims reporting, extended reporting period, selection of counsel, and consent to settle
  • An overview of data privacy coverage, including limits available, types of data covered, and remediation coverage

Why The Betterley Report?

Agents and Brokers—Sell more and grow revenue by pinpointing errors in competitors' policies/proposals.
Risk Managers and Insurance Buyers—Identify, eliminate, or avoid coverage gaps with coverage comparison charts.
Underwriters—Research competitors with quick policy comparisons.
Attorneys—Keep up with year-to-year trends in policy form development.
Consultants—Identify markets and match them up to your clients' needs.

Imagine that you or your client suffers a crippling data breach due to a previously unknown cyber vulnerability. Not only was the private information of a vast number of customers compromised, but certain denial-of-service elements of the attack kept the company’s systems either completely down or running far less efficiently than normal for weeks after the incident. Suddenly, you or your client is faced with determining how exactly the attack happened, preventing similar attacks in the future, notifying any affected customers, incurring expenses to get systems up and running properly, and even potentially warding off any subsequent litigation.

  • "What are the best insurance products available to protect against this circumstance?"
  • "How can financial losses be minimized?"
  • "How could my company (or my client) have been better prepared for this liability?"

Depending on whether you are the risk manager, the agent or broker, the consultant, or any other role, these are likely the questions you are asking yourself. In today’s environment, in which business and the Internet have become essentially inseparable, companies of all sizes and operating in any industry are exposed to the types of cyber-liability exposures alluded to above.

The "Cyber/Privacy Insurance Market Survey" edition of The Betterley Report compares and contrasts the options available in the insurance marketplace to address scenarios like this and sheds light on the specific knowledge that can help any risk management and insurance professional better address cyber and privacy liability exposures.

Following a general overview of the state of the cyber and privacy liability insurance market, the report dives into the trademark feature offered in each edition of The Betterley Report: incomparably detailed charts comparing the leading cyber and privacy liability insurers. These comparison charts allow readers to see how each of the insurers stacks up with the others in terms of the following.

24 types of insurer comparison charts available in full report:

These comparison charts allow readers to see how each of the insurers stacks up with the others in terms of:

  • Contact and Product Information
  • Product Description
  • Market Information
  • Capacity, Deductibles, Coinsurance, and Agent Access
  • Data Privacy: Types of Coverage and Limits Available
  • Data Privacy: Regulatory and Statutory Coverage Provided
  • Data Privacy: Payment Card Industry Coverage Provided
  • Data Privacy: Coverage Triggers
  • Data Privacy: Types of Data Covered
  • Data Privacy: Remediation Costs Covered
  • Data Privacy: Remediation Coverage Services
  • Coverage Extensions and (Sub)Limits Available for Cyber Insureds—Media Liability
  • Security Assessment by Third-Party Requirements
  • First-Party Coverage: Direct Damage and Business Interruption
  • Coverage for Loss Resulting from State-Sponsored Act
  • Coverage for Loss Resulting from Non-State Sponsored Terrorist Act
  • Theft (First-Party) Coverage
  • Theft (First-Party) Coverage—Deceptive Funds Transfer or Social Engineering
  • Third-Party Coverage: Bodily Injury and Property Damage
  • Third-Party Coverage
  • Claims Reporting, Extended Reporting Period, Selection of Counsel, Consent To Settle
  • Prior Acts
  • Coverage Territory
  • Exclusions
  • Risk Management Services

Sample Market Information from Full Report

Below is a small sample of the information that is available for each of the insurers via the 23 different types of charts included in the full report.

Market Information
Carrier Target Markets—Size of Insured (in $U.S. of Annual Sales) Target Markets— Industry Prohibited Insureds Is Product Primarily Targeting Insureds Based in the U.S.,
Non-U.S., or Both
Berkshire Hathaway
Target firms with revenues
greater than $500 million
All – Focus on FI and
Professional Services firms
None US
Capacity, Deductibles, Coinsurance, and Agent Access
Carrier Capacity Available Deductible or SIR
(Minimum & Maximum)
Is Product Available to Retail Broker or to Wholesale Only
e-Franchisor Suite $5 million (layering is available for higher limits) $25,000 Appointed Retail
First-party Coverage: Direct Damage and Business Interruption
Carrier Direct Damage to Equipment Destruction of Data Virus Extraction Business Interruption Denial of Services
Zurich By endorsement Yes Yes, reasonable and necessary expenses to minimize or reduce an interruption of services



Your Objective Source: A Renowned Industry Expert


Richard S. Betterley, LIA, is the president of Betterley Risk Consultants (BRC), an independent insurance and alternative risk management consulting firm. BRC, founded in 1932, provides independent advice and counsel on matters important to the commercial property and casualty insurance industry and its customers, alternatives to traditional insurance, and related services throughout the United States. It does not sell insurance or related services.

Mr. Betterley is a frequent speaker, author, and expert witness on specialty insurance products and related services. He is a member of the Professional Liability Underwriting Society and joined the firm in 1975.

Mr. Betterley created The Betterley Report in 1994 to be the objective source of information about specialty insurance products. Now published six times annually, The Betterley Report is known for its in-depth coverage of management liability, cyber-risk, technology, intellectual property, and media insurance products.

Next Issue: August 2022

Private Company Management Liability Insurance Market Survey

The Betterley Report, your independent guide to specialty insurance products, is a series of six comprehensive reports published annually by Betterley Risk Consultants and distributed by International Risk Management Institute, Inc. (IRMI).

The Betterley Report may be accessed by subscribers on IRMI Online or Vertafore ReferenceConnect. To purchase a subscription, call IRMI Client Services at (800) 827–4242 or learn more on

Betterley Risk Consultants is an independent insurance and alternative risk management consulting firm. Founded in 1932, it provides independent advice and counsel throughout the United States. It does not sell insurance nor provide insurance-related services.

Betterley Risk Consultants, Inc.
235 Forest Lake Rd. • Friendship, Maine 04547
Phone (774) 262–3460
email: [email protected]

The editor has attempted to ensure that the information in each issue is accurate at the time it was obtained. Opinions on insurance, financial, legal, and regulatory matters are those of the editor and others; professional counsel should be consulted before any action or decision based on this matter is taken. Note: all product names referred to herein are the properties of their respective owners.

The Betterley Report is published six times yearly by Betterley Risk Consultants, Inc. This material is copyrighted, with all rights reserved. ISSN 1089–0513

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