Skip to the main content.
Artboard 2

ICE For Cyber Insurance

The cyber liability insurance landscape has seen significant fluctuations in pricing and coverage over the past five years. After sharp price increases in the early 2020s, rates have recently stabilized, though insurers continue to grapple with balancing breach risk and coverage costs.

This shifting environment often leaves companies uncertain about their coverage levels and future premiums.

The Role of Cyber Insurance

Cyberliability insurance is a valuable addition to a company’s cybersecurity strategy, offering financial protection in the event of a cyber incident. Here’s how it benefits businesses:

  • Risk Transference
    Cyberliability insurance transfers the financial burden of incident response and recovery to the insurer.

  • Revenue Acquisition
    Adequate cyberliability insurance is often a prerequisite for partnerships and customer agreements.

  • Third-Party Risk Mitigation
    Cyber insurance helps reduce risk from third-party claims or technology outages affecting key suppliers.

ICE recommends that all companies maintain appropriate cyberliability coverage as a vital component of their cybersecurity program.

Wrench-Double--Streamline-Cyber

What Cyber Insurance Doesn’t Cover

While cyberliability insurance is essential, it is not a substitute for a comprehensive cybersecurity program. Cyber insurance does not:

  • Serve as a Data Recovery Solution
    Cyber insurance cannot recover lost data.

  • Prevent Incidents
    Insurance only activates after an incident, not as a preventive measure.

  • Fund Risk Reduction
    It covers response and recovery costs, not improvements to overall security.

Understanding what cyber insurance covers—and does not cover—is critical, as policies and exclusions continue to evolve.

Wave-Hexagon--Streamline-Cyber

How ICE Supports the Cyber Insurance Ecosystem

ICE provides specialized support for all stakeholders in the cyber insurance process:

  • Insureds
    We assist clients in securing the right coverage at optimal rates. By managing cybersecurity risks, we help minimize the likelihood of needing to activate their policy.

  • Brokers
    We simplify the risk management process, enabling brokers to deliver enhanced value to their clients. Whether retail or wholesale, brokers benefit from ICE’s expertise, which helps their clients secure effective coverage at competitive rates.

  • Underwriters
    ICE assists underwriters by evaluating risk during the application process and offering risk-reduction strategies for bound policies. Our interventions help align insureds, brokers, and underwriters toward the shared goal of reducing cyber risk.

Switch-Up--Streamline-Cyber

Partner with ICE for Cyber Insurance Support

Let ICE help you navigate the complexities of cyber insurance, ensuring you’re adequately protected and aligned with best practices in cybersecurity risk management.

Check-Badge--Streamline-Cyber
Hexagon Background Element - Version 3-2