Global broking firm Brokerslink and Lloyd’s cyber specialist SafeOnline have announced the launch of a new cyber risk management and insurance facility, PoCydon.
The new offering incorporates three-strands:
MS Amlin’s cyber insurance wording, active risk monitoring and threat detection services provided by Cyber adAPT, and incident response investigation and analysis delivered by Cyber Scout.
PoCydon is exclusive to Brokerslink, and is delivered via a modular wording allowing complete flexibility depending on client and budget. The facility provides world-leading cyber security services, by integrating front-end detection and prevention with incident response and breach cover, the firms said.
Corey Gooch, director of business development at Brokerslink, told Insurance Business that the “breakthrough” product was developed as a response to increased concern from clients over cyber threats.
“The driving force for this is the clients, who keep talking to us about this issue which they feel is growing. Clients are worried about this risk – they hear about it all the time, some of them know that they may have exposures to it, but they don’t really know or understand the risk as well as they probably could,” Gooch said during an interview at Brokerslink’s annual conference in Marrakesh.
Henry Warner, cyber, media and technology broker at Safeonline, said PoCydon has been designed to be a market leading product, which offers a “holistic approach to cyber risk, as opposed to the traditional coverage/response services model.”
“Cyber risk represents a huge threat to a vast number of businesses, but with this threat comes fantastic opportunity for the insurance industry,” Warner said. “Put simply, PoCydon offers a market leading product which not only benefits the client but also addresses legacy barriers to purchase, thus helping Brokerslink support its insurance buyers with greater penetration and protection than was previously attainable.”
As cyber risks have become increasingly diverse and complex, a new and more comprehensive approach to managing cyber as an enterprise risk is needed, Gooch went on to say in a release.
“We believe we have created this enterprise risk solution in PoCydon, one that brings risk detection and prevention together with insurance as a financial backstop. The PoCydon facility addresses this challenge by providing first rate incident response and in-depth investigation and analysis to reduce the likelihood and severity of a cyber-attack today and in the future,” he said.
Insurance is provided on a worldwide basis for all Lloyd’s licensed territories under PoCydon.
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