XL Catlin has announced the launch of its cyber and data protection insurance policy in Asia Pacific.
The new cover is designed to cover the increasing exposures of businesses in a changing online environment and also offers business interruption cover that arises due to a compromised network.
The policy covers third party liability costs that businesses face as a result of a data breach, including regulatory investigations or contractual liability associated with the Payment Card Industry Data Security Standard.
The cover also extends to broad coverage associated with media exposures such as copyright infringement, trademark infringement, invasion of privacy, and false advertising both online and offline as well as on social media.
“Combining the global resources of our underwriting and claims teams with the expertise of our breach response providers, our Cyber and Data Protection insurance policy offers companies the broad cyber coverage they need under one easy-to-understand policy,” Timothy Powell, regional manager, international financial lines for XL Catlin in Asia Pacific said.
Powell noted that the region faces “a real need” for cyber coverage as cyber exposures continue to rise.
With Australia recently passing a new mandatory breach notification law,
Robin Johnson, country manager for Australia – insurance, noted that companies can no longer ignore their cyber risk or insurance policies aimed at protecting them from online threats.
“With increasingly stringent regulations as well as the financial and reputational fall-out of a cyber incident, companies need to have a robust risk management strategy and the right insurance solution to protect themselves against cyber risks,” Johnson said.
