Insurtech firm Cyber Indemnity Solutions (CIS) made waves this week with the launch of a new cyber and digital asset protection (DAP) cover - and the business has big plans for the future.
The cover, which has been supported by Lloyd’s during an extensive pilot period in New Zealand, sees businesses able to choose their own limit based on the data they would like to insure and works on a month to month, rolling basis rather than a 12 month contract.
The firm, which has partnered with many other aligned businesses such as law firm Norton Rose Fulbright and cyber security business Fortinet, will look to provide all round cover for clients faced with increasing online risks.
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As the new cover becomes available to brokers, Greg Hodgkiss, CIS CEO, said that clients are given a business assessment of their cyber risk, creating a data profile which allows the firm to work with insurers to provide clients with a more nuanced policy instead of the global experience “where a bog standard, boiler plate type policy is offered to the client with no attempt whatsoever to make that policy fit the client’s needs.”
“We have redesigned the whole way in which this works, and added data insurance to it, so it is a complete cyber product across both breach and data loss,” Hodgkiss told Insurance Business.
Hodgkiss said that the business is looking to emulate the Hartford Steam boiler model by embedding the product in existing policies and is currently working with one of Australia’s largest broker networks to place the cover within general business and cyber policies.
The innovative DAP cover can be used in a single policy for client data or split into separate policies for different data sets and the firm will look to launch an MGA in Australia to meet claims needs.
Insurance uptake in Australia still lags behind the US but Hodgkiss said that Australia has “caught up incredibly fast” which is why the firm launched the product in Australia before expanding globally.
“Australia’s movement towards recognition of cyber risk has been a very, very fast switch which is why we’ve done this,” he said.
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