Cyber Insurance for Technology and Life Sciences

Cyber insurance for technology and life sciences companies helps protect against the financial and operational impact of data breaches, ransomware and other cyber events. These organizations face heightened exposure due to their reliance on digital systems and the sensitive data they manage, including intellectual property and patient or clinical information.

Cyber insurance can help organizations:

• Respond quickly to cyber events and contain potential damage
• Maintain operations during and after a disruption
• Manage the financial impact of a cyber event
• Address legal and regulatory requirements following a cyber event

Travelers CyberRisk Tech coverage includes insurance protection and proactive cyber risk services designed to help technology and life sciences companies better understand and manage cyber threats.

How does CyberRisk tech coverage mitigate cyber risk?

Technology is essential for most businesses to remain competitive, but advancements in technology can introduce risks, including cyber threats and losses arising from errors and omissions (E&O). A cyber event or E&O claim can result in operational disruptions, reputational damage and financial losses. The impact can be far-reaching, including harm to customers and the wider tech industry.

As global risks evolve, it’s crucial for technology and life sciences companies to partner with an insurance provider that has deep experience in their industry and understands the challenges facing their businesses. Travelers CyberRisk Tech coverage offers insuring agreements that businesses can tailor to their needs, including technology errors and omissions, privacy and security, media and regulatory proceedings liability insuring agreements, in addition to several breach response insuring agreements. Policyholders who purchase Cyber coverages within their CyberRisk Tech policy also have access to Travelers Cyber Risk Services, designed to help organizations better understand, identify and address cyber risks before an incident occurs.

What does cyber insurance coverage for technology companies include? 

CyberRisk Tech offers broad and scalable protection options – businesses can choose cyber protection, E&O protection or both.

E&O coverage helps address the costs incurred by a company resulting from allegations of errors, omissions or negligent acts in the performance of its services. Beyond E&O, CyberRisk Tech includes:

• Breach response coverages
• Cybercrime coverages
• Business loss coverages

These first-party coverage options help cover the costs of forensic investigations, public relations costs, business interruption loss, and cyber extortion costs.

How can technology companies identify cyber risks earlier?

These services are designed to help technology companies predict and prevent cyber threats earlier – providing greater visibility into cyber risk, actionable guidance and tools shown to reduce the risk of a breach by nearly 20%.*

Cyber Risk Services support policyholders throughout the life cycle of their cyber risk – from onboarding and prevention through post-incident consultation – helping organizations strengthen their approach to future threats.

Availability and services may vary based on policy eligibility. Cyber Risk Services are available to technology and life sciences policyholders with Cyber coverage.

*The frequency and severity of cyber insurance claims were found to be lower across all policyholder organizations that met a minimum threshold for engaging with the service offerings described above by registering their account on the Cyber Risk Dashboard.

How do Cyber Risk Services support technology and life sciences policyholders?

Travelers CyberRisk Tech offers proactive pre-breach and post-breach services available at no additional cost to help businesses reduce the risk of a cyberattack and best manage incidents if they do occur.