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 Singapore and Hong Kong both recently mulling new mandatory breach notification laws, David Guest, country manager for Singapore - insurance, said that the rapidly changing legal and regulatory environment means insurance cover has never been more important.
Many countries across Asia, including China, Japan, Malaysia, South Korea and Taiwan have recently stepped up their approach, by introducing new laws or implementing more exacting standards for data and network protection,” Guest said.
Related stories:
XL Catlin looks to boost cyber coverage with new policy form
XL Catlin smashes $2 billion landmark with construction business
