Cyber security insurance refers to protecting a company against lawsuits and damages in the event of a cyber security breach, such as a hack, data breach, or a ransomware attack. Security breaches such as these are an ever-growing threat. Recent events have illustrated that our infrastructure can be brought to its knees by one ransomware attack. Many companies are looking into some type of cyber security insurance to protect themselves against these threats. Corvus Insurance provides this type of protection.
Corvus insurance offers a suite of cyber security insurance products. The company originated in 2017 by Phil Edmundson after he saw an opportunity to provide the insurance industry with better technology and AI to underwrite policies. Corvus is based in Boston, MA and to date have are valued at $750 million. They are the leading provider of commercial insurance powered by AI-driven risk data.
The name corvus comes from the corvid family of birds, which includes ravens and crows, or the “smart birds” according to the founder. Birds use tools and so does Corvus: they use digital tools to improve commercial insurance. Corvus has the “CrowBar” which is the software provided to brokers, and they refer to the employees as a flock. There are puns that refer to birds all over the website. It’s a little quirky.
- Cyber Insurance Products Offered by Corvus Insurance
- What Industries Corvus Cyber Insurance doesn’t Cover?
- What is Tech E&O Insurance? How does It Work?
- How Much does Corvus Cyber Insurance Cost?
Cyber Insurance Products Offered by Corvus Insurance
First of all, Corvus targets mid to large size companies for its cyber insurance products. They offers three types of commercial cyber insurance:
- Smart cyber
- Smart Tech and E&O
- Smart Cargo + Cyber
Corvus’s Smart Cyber insurance can insure companies with up to $2 billion in annual revenue, for up to $10 million. If your company earns more than $2 billion in revenue a year, you can also purchase Excess Cyber insurance.
They will identify key weaknesses in your company’s IT system and make recommendations to strengthen vulnerabilities. They provide ongoing cyber threat monitoring and provide access to a dedicated data breach team, in case the worst happens and your company is hacked. They also provide insurance for system failure and reputation loss.
Excess Cyber insurance is basically the same thing, only for companies with at least $2 billion dollars in annual revenue. Businesses they cover include:
- Manufacturing and Construction
Corvus’s Smart Tech E&O insurance is similar, only it’s written for technology products and services. It also includes dynamic loss prevention, security reports, and ongoing monitoring for risk management.
Corvus’s Smart Cargo + Cyber insurance provides protection for shipments and cargo, especially ocean cargo. It covers companies with contingent business interruption insurance that might occur when a cyber-attack either halts or re-routes goods in transit.
When looking for the best cyber insurance for your business, be sure to shop around with a few companies or with a digital broker like CoverWallet to compare several quotes to select the best one for you.
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What Industries Corvus Cyber Insurance doesn’t Cover?
Although they cover most industries, there are a few things that Corvus won’t cover:
- Cannabis-related businesses
- Colleges and universities
- Pornographic websites
- Social media sites
- Payment processors
What is Tech E&O Insurance? How does It Work?
Many people get confused about the difference between cyber security insurance and tech E&O insurance. The difference is tech E&O protects companies from the failure of software and cyber liability covers the loss of a third party’s private information. Many companies should consider both types of coverage.
For example, if a SaaS (software as a service) suffers from a system failure, you would need tech E&O insurance to cover the data breach and cyber security insurance to recoup losses from the failure.
Corvus does manage to cover all the bases when it comes to commercial cyber insurance. They recently added a ransomware/business interruption calculator, where they can estimate a company’s chances of an attack. They also provide social engineering coverage, which covers losses due to activity like phishing scams. With many people still working from home, this protection is imperative for most tech companies.
How Much does Corvus Cyber Insurance Cost?
Corvus likes to evaluate each company individually before they set prices for their services. As such, there are no prices anywhere on the website. To get a quote, you can fill out a form and someone will get back to you.
Corvus is rated with an A from A.M. Best, which means they should have the resources to pay claims.
Since Corvus mostly insures large companies, it’s difficult to find customer reviews on the internet. We did find three such reviews here, where Corvus got a 4.8 out of 5 stars. There were only three reviews, however, and you can’t read them if you don’t pay for the privilege (you can read the first sentence and the number of stars).
Brokers can file claims and quote submissions at the “CrowBar.” This is software that was developed from insights and feedback from the brokers who use it. If you would like more information about what Corvus can offer your company, you can fill out a form and they will provide a demo for you to check out.
If you’re in charge of finding cyber security insurance for your mid-to-large size company, you could consider Corvus. It’s hard to guess at what their prices are like, but then again, if you’re a large company that relies on tech (which is every company these days) the threat of hacks, ransomware and data breaches is very high. Corvus might be worth it to you.
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