Allianz Insurance has released a new cyber proposition that provides mid-corporate businesses with comprehensive cover and access to prevention support and incident response services.
Cyber Select offers customers the option of selectable limits and can be purchased as a standalone product, or packaged with property and casualty covers.
Businesses will be insured against liabilities stemming from a cyber attack, including costs and lost income, plus forensic IT and legal support in the event of an actual or suspected breach. Cyber Select also provides access to a 24/7 incident response helpline, specialist claims team and free risk management support.
The new proposition includes business interruption cover, protection against privacy and confidentiality breaches, and coverage of data breach response costs.
Access to a panel of experts provides businesses with information to help reduce the likelihood of a breach occurring. This includes complimentary access to BitSight, a security rating provider that can give insights into the cyber security performance and vulnerabilities of a business.
Catherine Dixon, commercial underwriting director Allianz Insurance, said of the new cyber product: “Taking preventative steps is key, as cyber hackers use sophisticated methods and businesses need to do all they can to stay one step ahead. Through our expert risk management panel, businesses can examine their system’s strengths and vulnerabilities to lower their overall risk. However, should a data loss or theft happen customers can be reassured that they also have access to specialist advice, support and cover to help them recover after a breach.”
“Cyber Select is more than just insurance, it’s an opportunity to access a whole suite of experts who are specialists in helping businesses identify, detect and recover from cyber-attacks.”
The new cyber proposition from Allianz Insurance is the latest in a series to hit the market and comes after Marsh and Microsoft found that a majority of board members and senior executives responsible for their organisation’s cyber risk management had less than a day in the last year to spend on cyber risk issues.